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

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw unusually-high 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 were traded during 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 subject of a number of other reports. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Craig Hallum boosted their price objective 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. Barclays increased their target price on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Susquehanna assumed coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.10.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on 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 sale, the chief technology officer now owns 8,893,602 shares in the company, valued at $341,603,252.82. This trade represents a 0.61 % 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, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the sale, the chief executive officer now owns 2,370,858 shares of the company’s stock, valued at approximately $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 845,295 shares of company stock valued at $48,302,873 in the last ninety days. Insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP grew its stake in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares in the last quarter. Rakuten Securities Inc. bought a new position in Credo Technology Group in the third quarter worth approximately $30,000. GAMMA Investing LLC increased its holdings in Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares during the period. Brown Brothers Harriman & Co. raised its position in 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 purchasing an additional 1,001 shares in the last quarter. Finally, Cranbrook Wealth Management LLC purchased a new stake in shares of Credo Technology Group in the 2nd quarter worth $51,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

The firm has a market capitalization of $12.59 billion, a PE ratio of -501.87 and a beta of 2.11. The company has a fifty day simple moving average of $57.88 and a two-hundred day simple moving average of $40.73.

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.