Credo Technology Group (NASDAQ:CRDO) Sees Unusually-High Trading Volume on Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw unusually-strong trading volume on Monday after Stifel Nicolaus raised their price target on the stock from $75.00 to $80.00. Stifel Nicolaus currently has a buy rating on the stock. Approximately 1,137,681 shares traded hands during mid-day trading, a decline of 45% from the previous session’s volume of 2,071,305 shares.The stock last traded at $77.61 and had previously closed at $72.39.

CRDO has been the topic of a number of other research reports. The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Roth Mkm boosted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Barclays lifted their target price on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Finally, Susquehanna began coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.10.

Insider Activity

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $384,100.00. Following the sale, the chief operating officer now owns 2,872,672 shares in the company, valued at $110,339,331.52. This trade represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $38.41, for a total value of $2,112,550.00. Following the completion of the transaction, the chief technology officer now owns 8,893,602 shares of the company’s stock, valued at $341,603,252.82. The trade was a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 970,295 shares of company stock worth $52,700,373. 16.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently modified their holdings of the company. Swedbank AB grew its holdings in shares of Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares during the last quarter. FMR LLC increased its holdings 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 acquiring an additional 1,013,789 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Up 5.9 %

The firm has a fifty day moving average of $57.21 and a 200 day moving average of $40.39. The company has a market capitalization of $12.82 billion, a P/E ratio of -510.93 and a beta of 2.11.

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.