Credo Technology Group (NASDAQ:CRDO) Stock Price Up 7.2% – Should You Buy?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) rose 7.2% on Tuesday . The stock traded as high as $75.88 and last traded at $75.79. Approximately 2,643,299 shares traded hands during trading, a decline of 50% from the average daily volume of 5,240,295 shares. The stock had previously closed at $70.70.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several recent analyst reports. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Craig Hallum increased their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. 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 research report on Tuesday, December 3rd. Barclays increased their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Susquehanna assumed 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. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Price Performance

The company’s 50-day simple moving average is $72.16 and its 200-day simple moving average is $49.55. The company has a market cap of $12.58 billion, a price-to-earnings ratio of -501.60 and a beta of 2.09.

Insider Buying and Selling at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 12,504 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total transaction of $606,193.92. Following the sale, the chief financial officer now directly owns 656,456 shares of the company’s stock, valued at $31,824,986.88. The trade was a 1.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,305,679 shares of company stock valued at $89,862,242 over the last 90 days. 16.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new position in Credo Technology Group during the fourth quarter worth $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group during the fourth quarter worth $43,000. Principal Securities Inc. lifted its stake in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares during the last quarter. Allworth Financial LP lifted its stake in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares during the last quarter. Finally, Quarry LP bought a new stake in Credo Technology Group in the fourth quarter valued at $58,000. 80.46% of the stock is currently owned by institutional investors.

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.