Credo Technology Group (NASDAQ:CRDO) Shares Up 7.8% – Time to Buy?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) were up 7.8% during mid-day trading on Monday . The stock traded as high as $49.80 and last traded at $49.95. Approximately 1,230,978 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 3,198,129 shares. The stock had previously closed at $46.34.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CRDO. Barclays increased their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. TD Cowen lifted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group raised their price target 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, Bank of America cut their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Stock Performance

The company has a 50-day moving average of $62.64 and a 200-day moving average of $53.56. The stock has a market capitalization of $8.35 billion, a price-to-earnings ratio of -327.87 and a beta of 2.16.

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $72.61, for a total value of $275,191.90. Following the completion of the sale, the chief financial officer now owns 638,564 shares of the company’s stock, valued at $46,366,132.04. This represents a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the sale, the chief technology officer now directly owns 8,103,602 shares of the company’s stock, valued at approximately $383,219,338.58. This trade represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,065,665 shares of company stock valued at $73,051,442. 16.04% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CRDO. Brown Brothers Harriman & Co. raised its holdings in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the period. Kestra Investment Management LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $43,000. Principal Securities Inc. boosted its stake in shares of 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 purchasing an additional 576 shares during the period. Finally, Quarry LP acquired a new stake in Credo Technology Group during the 4th quarter valued at $58,000. 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.