Credo Technology Group (NASDAQ:CRDO) Stock Price Down 9.4% on Analyst Downgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price traded down 9.4% during trading on Thursday after Bank of America lowered their price target on the stock from $83.00 to $75.00. Bank of America currently has a buy rating on the stock. Credo Technology Group traded as low as $39.88 and last traded at $42.33. 2,053,113 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 3,023,708 shares. The stock had previously closed at $46.73.

Several other equities research analysts also recently weighed in on the stock. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. TD Cowen upped their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Craig Hallum boosted their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday. Finally, Susquehanna dropped their target price on shares of Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.90.

Insider Activity

In related news, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the completion of the sale, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,508,602 shares in the company, valued at $578,925,280.08. The trade was a 0.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,190,496 shares of company stock worth $82,695,512 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd acquired a new position in Credo Technology Group during the 3rd quarter worth $3,948,000. Wellington Management Group LLP grew its stake in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Centiva Capital LP purchased a new stake in Credo Technology Group during the 3rd quarter worth about $553,000. Charles Schwab Investment Management Inc. boosted its position in shares of Credo Technology Group by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after acquiring an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Credo Technology Group by 94.1% in the 3rd 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 acquiring an additional 118,169 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

The firm has a 50-day moving average price of $69.20 and a two-hundred day moving average price of $52.09. The firm has a market cap of $7.04 billion, a price-to-earnings ratio of -280.47 and a beta of 2.09.

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.