Credo Technology Group (NASDAQ:CRDO) Shares Gap Down – Here’s Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $80.47, but opened at $68.26. Credo Technology Group shares last traded at $64.20, with a volume of 5,041,164 shares traded.

Analysts Set New Price Targets

CRDO has been the topic of several research reports. Susquehanna began coverage on Credo Technology Group in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price on the stock. 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. TD Cowen lifted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group upped their price target on shares of 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, Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $76.40.

Credo Technology Group Stock Up 4.6 %

The firm has a 50 day simple moving average of $67.29 and a two-hundred day simple moving average of $45.32. The stock has a market capitalization of $9.73 billion, a P/E ratio of -387.67 and a beta of 2.11.

Insider Buying and Selling

In other news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total value of $265,034.70. Following the completion of the transaction, the chief financial officer now directly owns 652,666 shares in the company, valued at approximately $45,640,933.38. This represents a 0.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 3,799 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total value of $268,703.27. Following the sale, the director now owns 1,709,926 shares in the company, valued at $120,943,065.98. This represents a 0.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,203,804 shares of company stock worth $83,293,192 in the last ninety days. 16.04% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently modified their holdings of the business. Allworth Financial LP increased its holdings in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Rakuten Securities Inc. bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $30,000. Brown Brothers Harriman & Co. increased its stake in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the period. Larson Financial Group LLC raised its position in shares of Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after acquiring an additional 1,399 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

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.