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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been assigned an average recommendation of “Moderate Buy” from the nine brokerages that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $34.00.

Several analysts have weighed in on CRDO shares. Roth Mkm upped their target price on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Craig Hallum upped their target price on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a report on Monday. Stifel Nicolaus upped their target price on Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Finally, Needham & Company LLC upped their target price on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $27.24 on Wednesday. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -151.33 and a beta of 2.26. Credo Technology Group has a fifty-two week low of $13.38 and a fifty-two week high of $36.80. The stock’s fifty day moving average is $29.71 and its two-hundred day moving average is $25.13.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 245,438 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the transaction, the director now directly owns 2,863,725 shares in the company, valued at $93,557,895.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Lip Bu Tan sold 245,438 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the transaction, the director now directly owns 2,863,725 shares in the company, valued at $93,557,895.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the transaction, the chief executive officer now owns 2,529,738 shares in the company, valued at $65,140,753.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,036,190 shares of company stock worth $31,033,447. 23.89% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently modified their holdings of the company. Algert Global LLC purchased a new position in shares of Credo Technology Group in the 2nd quarter worth about $622,000. Driehaus Capital Management LLC raised its holdings in shares of Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares during the period. Scientech Research LLC purchased a new position in shares of Credo Technology Group in the 2nd quarter worth about $1,297,000. The Manufacturers Life Insurance Company raised its holdings in shares of Credo Technology Group by 27.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company’s stock worth $54,225,000 after purchasing an additional 362,634 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Credo Technology Group by 20.5% in the 2nd quarter. Millennium Management LLC now owns 1,470,970 shares of the company’s stock worth $46,983,000 after purchasing an additional 250,027 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.