Bank of America Issues Pessimistic Forecast for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO) had its price objective cut by stock analysts at Bank of America from $83.00 to $75.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 61.44% from the company’s current price.

Several other research firms have also commented on CRDO. TD Cowen boosted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Mizuho lifted their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday. Barclays lifted their target price 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. Finally, The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.90.

Credo Technology Group Trading Down 14.5 %

Shares of CRDO traded down $7.86 during midday trading on Wednesday, reaching $46.46. 13,074,555 shares of the stock were exchanged, compared to its average volume of 2,996,607. The company’s 50 day moving average is $70.29 and its two-hundred day moving average is $52.20. The company has a market capitalization of $7.77 billion, a P/E ratio of -307.95 and a beta of 2.09. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $86.69.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the completion of the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $227,716,796.39. This trade represents a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.04, for a total value of $3,742,200.00. Following the sale, the chief technology officer now directly owns 8,508,602 shares of the company’s stock, valued at $578,925,280.08. This trade represents a 0.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,338,175 shares of company stock valued at $92,697,698 in the last ninety days. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rakuten Securities Inc. acquired a new stake in Credo Technology Group during the third quarter valued at $30,000. Brown Brothers Harriman & Co. increased its stake in shares of Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares in the last quarter. Kestra Investment Management LLC acquired a new position in Credo Technology Group in the 4th quarter worth about $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group during the fourth quarter worth approximately $43,000. Finally, Principal Securities Inc. grew its holdings in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the period. Institutional investors and hedge funds 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.