Credo Technology Group (NASDAQ:CRDO) Trading Down 8.7% Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price dropped 8.7% during trading on Wednesday following insider selling activity. The company traded as low as $45.77 and last traded at $44.92. Approximately 721,284 shares traded hands during trading, a decline of 78% from the average daily volume of 3,209,856 shares. The stock had previously closed at $49.18.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on 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 transaction, the chief technology officer now owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. This represents a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

CRDO has been the subject of several recent research reports. Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays increased their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. 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. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Mizuho lifted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Stock Down 5.6 %

The firm has a market capitalization of $7.20 billion, a P/E ratio of -282.87 and a beta of 2.16. The firm’s 50-day simple moving average is $61.36 and its 200-day simple moving average is $53.42.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently made changes to their positions in the stock. Brown Brothers Harriman & Co. increased its stake in 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 acquiring an additional 1,001 shares during the last quarter. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at about $38,000. WASHINGTON TRUST Co purchased a new position in shares of Credo Technology Group during the 4th quarter valued at about $43,000. Principal Securities Inc. raised its holdings in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares in the last quarter. Finally, Quarry LP bought a new stake in Credo Technology Group in the 4th quarter worth approximately $58,000. 80.46% of the stock is owned by institutional investors.

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.