Credo Technology Group (NASDAQ:CRDO) Shares Gap Up – Here’s Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped up before the market opened on Tuesday . The stock had previously closed at $67.03, but opened at $68.68. Credo Technology Group shares last traded at $67.08, with a volume of 1,337,565 shares.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several recent research reports. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. Craig Hallum lifted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus reissued a “buy” rating and set a $75.00 target price (up from $50.00) on shares of Credo Technology Group in a research note on Tuesday, December 3rd. Finally, Needham & Company LLC lifted their price target on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $67.33.

Credo Technology Group Trading Down 2.4 %

The firm has a market cap of $10.94 billion, a PE ratio of -446.87 and a beta of 2.26. The company has a 50 day moving average price of $43.57 and a 200 day moving average price of $34.16.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the transaction, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lip Bu Tan sold 3,799 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total value of $268,703.27. Following the transaction, the director now owns 1,709,926 shares of the company’s stock, valued at $120,943,065.98. This represents a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,341,120 shares of company stock worth $51,364,455. 16.04% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

A number of large investors have recently made changes to their positions in CRDO. Allworth Financial LP lifted its holdings in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group in the second quarter valued at approximately $29,000. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group during the third quarter valued at approximately $30,000. Fifth Third Bancorp boosted its position in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its stake in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after acquiring an additional 1,001 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.