Credo Technology Group (NASDAQ:CRDO) Shares Gap Up on Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price gapped up before the market opened on Friday after Bank of America raised their price target on the stock from $25.00 to $27.00. The stock had previously closed at $26.65, but opened at $27.50. Bank of America currently has an underperform rating on the stock. Credo Technology Group shares last traded at $25.98, with a volume of 585,053 shares trading hands.

Several other research analysts have also issued reports on the stock. TD Cowen upped their target price on shares of Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Roth Mkm increased their price objective on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday. Barclays boosted their target price on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday. Craig Hallum increased their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $33.44.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $26.85, for a total transaction of $1,476,750.00. Following the completion of the transaction, the chief technology officer now directly owns 9,278,602 shares of the company’s stock, valued at $249,130,463.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $26.85, for a total transaction of $1,476,750.00. Following the transaction, the chief technology officer now directly owns 9,278,602 shares of the company’s stock, valued at $249,130,463.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $28.21, for a total value of $282,100.00. Following the transaction, the chief operating officer now owns 3,130,945 shares of the company’s stock, valued at approximately $88,323,958.45. The disclosure for this sale can be found here. Insiders have sold a total of 892,310 shares of company stock valued at $27,376,087 over the last three months. 23.89% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

Several large investors have recently bought and sold shares of the company. Fifth Third Bancorp raised its position in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares in the last quarter. CWM LLC raised its holdings in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in Credo Technology Group during the second quarter valued at $29,000. Advisors Asset Management Inc. boosted its holdings in shares of Credo Technology Group by 47.6% during the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock valued at $81,000 after buying an additional 1,229 shares in the last quarter. Finally, Assetmark Inc. grew its position in shares of Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after buying an additional 1,263 shares during the period. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Trading Down 2.0 %

The company has a market capitalization of $4.31 billion, a P/E ratio of -148.06 and a beta of 2.23. The company’s 50 day moving average is $30.63 and its 200-day moving average is $24.84.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.