Credo Technology Group (NASDAQ:CRDO) Sets New 52-Week High – Time to Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) hit a new 52-week high on Thursday . The company traded as high as $86.69 and last traded at $85.50, with a volume of 4867867 shares changing hands. The stock had previously closed at $81.52.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRDO. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. TD Cowen upped their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Susquehanna started coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price on the stock. Mizuho upped their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Finally, The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Price Performance

The company has a fifty day moving average of $65.04 and a 200 day moving average of $44.15. The stock has a market cap of $14.30 billion, a P/E ratio of -570.00 and a beta of 2.11.

Insider Activity

In other news, Director Lip Bu Tan sold 3,799 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27. Following the completion of the sale, the director now directly owns 1,709,926 shares of the company’s stock, valued at $120,943,065.98. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total value of $265,034.70. Following the sale, the chief financial officer now directly owns 652,666 shares in the company, valued at $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,133,804 shares of company stock worth $77,653,092 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently bought and sold shares of the company. Allworth Financial LP increased its position in shares of Credo Technology Group by 917.9% in the third 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. purchased a new position in Credo Technology Group during the 3rd quarter worth approximately $30,000. Brown Brothers Harriman & Co. raised its stake 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 during the period. Larson Financial Group LLC lifted its holdings in shares of Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after purchasing an additional 1,399 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares during the period. 80.46% of the stock is 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.