By otakuyassine3@gmail.com 
Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) have been given a consensus rating of “Buy” by the ten brokerages that are covering the company, MarketBeat reports. Nine investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $74.60.
Several brokerages have weighed in on CRDO. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Mizuho reduced their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Thursday. Bank of America lowered their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Stifel Nicolaus increased their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group boosted their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th.
Read Our Latest Report on CRDO
Credo Technology Group Trading Down 13.7 %
CRDO stock opened at $37.14 on Friday. The firm has a 50 day simple moving average of $57.19 and a 200-day simple moving average of $53.91. The company has a market capitalization of $6.31 billion, a P/E ratio of -247.60 and a beta of 2.16. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $86.69.
Insider Activity at Credo Technology Group
In related news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total transaction of $452,300.00. Following the sale, the chief operating officer now directly owns 2,802,447 shares in the company, valued at $126,754,677.81. The trade was a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the transaction, the director now owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This represents a 11.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 970,665 shares of company stock worth $65,135,892 in the last 90 days. 16.04% of the stock is currently owned by company insiders.
Institutional Trading of Credo Technology Group
A number of institutional investors have recently made changes to their positions in the stock. Point72 Hong Kong Ltd acquired a new position in shares of Credo Technology Group during the third quarter valued at approximately $3,948,000. Wellington Management Group LLP increased its position in shares of Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares during the period. Centiva Capital LP bought a new stake in shares of Credo Technology Group in the 3rd quarter worth $553,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after buying an additional 118,169 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.
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.
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