Credo Technology Group (NASDAQ:CRDO) Shares Gap Up – Still a Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $67.03, but opened at $68.68. Credo Technology Group shares last traded at $67.08, with a volume of 1,337,565 shares trading hands.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of recent analyst reports. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. Craig Hallum lifted their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Roth Mkm increased their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Mizuho upped their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $67.33.

Credo Technology Group Price Performance

The stock’s 50 day moving average is $43.57 and its two-hundred day moving average is $34.16. The stock has a market capitalization of $10.94 billion, a PE ratio of -446.87 and a beta of 2.26.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $28.22, for a total value of $1,552,100.00. Following the completion of the transaction, the chief technology officer now owns 9,058,602 shares in the company, valued at $255,633,748.44. This represents a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the sale, the director now owns 2,638,725 shares in the company, valued at $80,481,112.50. This trade represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,341,120 shares of company stock valued at $51,364,455. Insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. Point72 Asset Management L.P. boosted its stake in Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after purchasing an additional 1,660,230 shares during the period. Driehaus Capital Management LLC raised its holdings in shares of Credo Technology Group by 3.1% in the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after buying an additional 115,271 shares during the last quarter. Swedbank AB boosted its stake in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the period. Geode Capital Management LLC grew its holdings in shares of Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after buying an additional 170,412 shares during the last quarter. Finally, Wellington Management Group LLP increased 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 during the period. 80.46% of the stock is currently owned by hedge funds and other 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.