Credo Technology Group (NASDAQ:CRDO) Shares Down 13% After Analyst Downgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price traded down 13% on Thursday after Mizuho lowered their price target on the stock from $90.00 to $82.00. Mizuho currently has an outperform rating on the stock. Credo Technology Group traded as low as $37.32 and last traded at $37.45. 1,791,137 shares traded hands during trading, a decline of 47% from the average session volume of 3,359,453 shares. The stock had previously closed at $43.04.

Several other research analysts also recently weighed in on CRDO. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America dropped their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Stifel Nicolaus boosted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, The Goldman Sachs Group lifted their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $74.60.

Insider Buying and Selling

In other news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the sale, the chief operating officer now owns 2,825,621 shares in the company, valued at $227,716,796.39. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $72.09, for a total transaction of $4,325,400.00. Following the completion of the sale, the chief technology officer now directly owns 8,388,602 shares in the company, valued at $604,734,318.18. This trade represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 980,665 shares of company stock worth $65,566,692. 16.04% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

A number of large investors have recently bought and sold shares of the company. Wellington Management Group LLP grew its stake 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 worth $88,188,000 after acquiring an additional 705,512 shares during the period. Centiva Capital LP bought a new position in Credo Technology Group during the third quarter worth about $553,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Credo Technology Group by 94.1% in 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 worth $7,507,000 after purchasing an additional 118,169 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $700,000. Finally, Pacer Advisors Inc. lifted its stake in shares of Credo Technology Group by 30.2% during the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company’s stock valued at $263,000 after buying an additional 907 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Down 10.3 %

The company has a market capitalization of $5.65 billion, a P/E ratio of -222.00 and a beta of 2.16. The company’s fifty day moving average is $56.25 and its 200 day moving average is $53.95.

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.