Credo Technology Group (NASDAQ:CRDO) Sees Strong Trading Volume After Analyst Upgrade

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw an uptick in trading volume on Monday after Stifel Nicolaus raised their price target on the stock from $75.00 to $80.00. Stifel Nicolaus currently has a buy rating on the stock. 1,137,681 shares changed hands during mid-day trading, a decline of 45% from the previous session’s volume of 2,071,305 shares.The stock last traded at $77.61 and had previously closed at $72.39.

A number of other equities analysts have also weighed in on the stock. Susquehanna initiated coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Mizuho raised their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group boosted their target price on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Barclays raised their price target on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Finally, Craig Hallum upped their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus target price of $69.10.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $69.52, for a total value of $6,952,000.00. Following the completion of the sale, the chief operating officer now directly owns 300,000 shares of the company’s stock, valued at $20,856,000. The trade was a 25.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $2,112,550.00. Following the transaction, the chief technology officer now directly owns 8,893,602 shares in the company, valued at approximately $341,603,252.82. This trade represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 910,295 shares of company stock worth $48,547,173 over the last three months. 16.04% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Everence Capital Management Inc. purchased a new stake in shares of Credo Technology Group in the 4th quarter worth $252,000. GAMMA Investing LLC grew its holdings in Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares during the period. Finally, Franklin Resources Inc. boosted its stake in shares of Credo Technology Group by 17.9% during the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock valued at $2,250,000 after purchasing an additional 11,065 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

The company’s fifty day moving average is $56.48 and its 200-day moving average is $39.98. The company has a market capitalization of $12.83 billion, a PE ratio of -511.33 and a beta of 2.26.

Credo Technology Group Company Profile

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.