Credo Technology Group (NASDAQ:CRDO) Stock Price Up 1.7% – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) traded up 1.7% during mid-day trading on Tuesday . The company traded as high as $40.28 and last traded at $40.83. 857,371 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 3,331,996 shares. The stock had previously closed at $40.16.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CRDO shares. TD Cowen increased their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Mizuho lifted their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Bank of America lowered their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, Craig Hallum upped their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Price Performance

The business’s fifty day simple moving average is $59.78 and its 200 day simple moving average is $54.01. The firm has a market capitalization of $6.86 billion, a price-to-earnings ratio of -269.81 and a beta of 2.16.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $69.22, for a total value of $4,153,200.00. Following the completion of the sale, the chief technology officer now directly owns 8,448,602 shares of the company’s stock, valued at approximately $584,812,230.44. This represents a 0.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $72.61, for a total value of $275,191.90. Following the completion of the transaction, the chief financial officer now directly owns 638,564 shares in the company, valued at approximately $46,366,132.04. This represents a 0.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,030,665 shares of company stock valued at $69,289,092. 16.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its stake in Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after acquiring an additional 95,335 shares during the last quarter. Bank of Montreal Can purchased a new stake in Credo Technology Group during the 3rd quarter valued at about $8,578,000. FMR LLC boosted its stake in shares of Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after purchasing an additional 1,013,789 shares during the period. Glenmede Trust Co. NA grew its holdings in Credo Technology Group by 37.3% in the 3rd quarter. Glenmede Trust Co. NA now owns 26,719 shares of the company’s stock worth $823,000 after acquiring an additional 7,260 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Credo Technology Group by 19.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,133 shares of the company’s stock worth $774,000 after purchasing an additional 4,142 shares during the last quarter. Institutional investors 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.