Credo Technology Group (NASDAQ:CRDO) Trading Down 5.4% Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price was down 5.4% on Monday after an insider sold shares in the company. The stock traded as low as $37.41 and last traded at $38.33. Approximately 1,604,014 shares traded hands during trading, a decline of 52% from the average daily volume of 3,327,896 shares. The stock had previously closed at $40.51.

Specifically, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the transaction, the chief operating officer now directly owns 2,802,447 shares of the company’s stock, valued at $126,754,677.81. The trade was a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,048,602 shares in the company, valued at $400,578,921.54. The trade was a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Stifel Nicolaus upped their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. 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 research note on Friday, January 10th. Finally, Mizuho increased their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Trading Up 3.9 %

The stock has a market capitalization of $7.08 billion, a P/E ratio of -278.13 and a beta of 2.16. The business has a 50-day moving average price of $58.98 and a two-hundred day moving average price of $54.10.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of CRDO. Fire Capital Management LLC bought a new position in Credo Technology Group in the 4th quarter valued at about $569,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $7,799,000. B. Riley Wealth Advisors Inc. bought a new position in Credo Technology Group in the fourth quarter valued at approximately $498,000. Mackenzie Financial Corp raised its position in Credo Technology Group by 395.3% during the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company’s stock valued at $2,564,000 after purchasing an additional 30,443 shares in the last quarter. Finally, Forum Financial Management LP bought a new stake in Credo Technology Group during the fourth quarter worth $253,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.