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 Wednesday . The stock had previously closed at $41.72, but opened at $40.08. Credo Technology Group shares last traded at $42.10, with a volume of 173,155 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Stifel Nicolaus upped their price target 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. TD Cowen raised their target price on Credo Technology Group from $45.00 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 target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Bank of America decreased their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and an average price target of $74.90.

Credo Technology Group Price Performance

The company has a 50 day moving average of $58.98 and a 200-day moving average of $54.10. The company has a market cap of $7.17 billion, a P/E ratio of -283.43 and a beta of 2.16.

Insiders Place Their Bets

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the transaction, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the sale, the chief technology officer now directly owns 8,448,602 shares in the company, valued at $584,812,230.44. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,030,665 shares of company stock valued at $69,289,092 over the last quarter. 16.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in CRDO. Kestra Investment Management LLC bought a new stake in Credo Technology Group in the 4th quarter worth about $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group in the fourth quarter worth approximately $43,000. Principal Securities Inc. grew its position in Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the period. Quarry LP bought a new position in shares of Credo Technology Group during the 4th quarter valued at $58,000. Finally, Plato Investment Management Ltd purchased a new position in shares of Credo Technology Group in the 4th quarter worth $61,000. 80.46% of the stock is currently owned by hedge funds and other 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.