Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Average Rating of “Buy” from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been given a consensus recommendation of “Buy” by the ten research firms that are currently covering the stock, MarketBeat reports. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $71.50.

A number of research analysts have commented on the stock. Stifel Nicolaus dropped their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Needham & Company LLC restated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Mizuho dropped their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. Finally, Bank of America dropped their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th.

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $46.01, for a total transaction of $86,268.75. Following the sale, the director now owns 5,900,527 shares of the company’s stock, valued at approximately $271,483,247.27. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the sale, the chief operating officer now directly owns 1,000,000 shares in the company, valued at approximately $61,130,000. This represents a 9.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 573,665 shares of company stock worth $25,908,531 over the last ninety 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 added to or reduced their stakes in the stock. Larson Financial Group LLC boosted its holdings in Credo Technology Group by 21.5% during the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company’s stock worth $56,000 after buying an additional 245 shares in the last quarter. Operose Advisors LLC lifted its holdings in shares of Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock valued at $25,000 after purchasing an additional 252 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after purchasing an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after purchasing an additional 348 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock valued at $321,000 after purchasing an additional 411 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $60.13 on Monday. The firm has a market cap of $10.21 billion, a PE ratio of -400.87 and a beta of 2.29. Credo Technology Group has a one year low of $18.54 and a one year high of $86.69. The firm’s fifty day moving average is $44.34 and its two-hundred day moving average is $56.30.

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.