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Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) have earned a consensus rating of “Buy” from the ten ratings firms that are presently covering the stock, MarketBeat Ratings reports. Nine research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $74.60.
CRDO has been the topic of a number of recent research reports. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Barclays lifted their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Mizuho reduced their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th.
Read Our Latest Stock Analysis on CRDO
Credo Technology Group Stock Performance
Shares of NASDAQ:CRDO opened at $37.14 on Friday. The stock has a market capitalization of $6.31 billion, a price-to-earnings ratio of -247.60 and a beta of 2.16. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $86.69. The company has a 50 day moving average price of $57.19 and a 200 day moving average price of $53.91.
Insider Buying and Selling
In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the transaction, the director now directly owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This represents a 11.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $73.26, for a total value of $7,326,000.00. Following the sale, the chief operating officer now directly owns 200,000 shares of the company’s stock, valued at $14,652,000. This trade represents a 33.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 970,665 shares of company stock worth $65,135,892. 16.04% of the stock is owned by company insiders.
Hedge Funds Weigh In On Credo Technology Group
A number of hedge funds have recently added to or reduced their stakes in CRDO. Kestra Investment Management LLC acquired a new stake in Credo Technology Group in the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group during the fourth quarter valued at about $43,000. Principal Securities Inc. lifted its position 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 worth $45,000 after buying an additional 576 shares during the last quarter. Quarry LP bought a new stake in shares of Credo Technology Group during the 4th quarter worth about $58,000. Finally, Larson Financial Group LLC increased its holdings in shares of Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after acquiring an additional 1,399 shares during the last quarter. 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.
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