Credo Technology Group (NASDAQ:CRDO) Shares Gap Up – Time to Buy?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped up before the market opened on Tuesday . The stock had previously closed at $55.60, but opened at $59.55. Credo Technology Group shares last traded at $58.02, with a volume of 2,138,827 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CRDO shares. Stifel Nicolaus boosted their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Barclays boosted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group boosted their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, Craig Hallum upped their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Stock Up 0.3 %

The stock has a market capitalization of $9.33 billion, a price-to-earnings ratio of -373.38 and a beta of 2.11. The business has a 50-day simple moving average of $66.70 and a two-hundred day simple moving average of $44.95.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the sale, the chief operating officer now owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. This represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 3,799 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the sale, the director now owns 1,709,926 shares of the company’s stock, valued at $120,943,065.98. This trade represents a 0.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,203,804 shares of company stock worth $83,293,192 over the last ninety days. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Credo Technology Group by 11.6% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,686 shares of the company’s stock worth $1,054,000 after acquiring an additional 1,630 shares during the last quarter. Silver Oak Securities Incorporated acquired a new position in Credo Technology Group during the fourth quarter worth $215,000. Bleakley Financial Group LLC acquired a new position in Credo Technology Group during the fourth quarter worth $270,000. Elemental Capital Partners LLC acquired a new position in Credo Technology Group during the fourth quarter worth $43,171,000. Finally, Renaissance Capital LLC acquired a new position in Credo Technology Group during the fourth quarter worth $9,601,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.