Credo Technology Group (NASDAQ:CRDO) Stock Price Down 4.4% – Time to Sell?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares traded down 4.4% during trading on Monday . The company traded as low as $47.40 and last traded at $46.99. 582,969 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 3,151,454 shares. The stock had previously closed at $49.15.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Craig Hallum increased their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Bank of America lowered their price objective on 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. Mizuho boosted their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Stock Performance

The firm has a market cap of $7.85 billion, a P/E ratio of -308.98 and a beta of 2.16. The business’s fifty day moving average is $66.23 and its 200-day moving average is $52.77.

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 21,041 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.19, for a total value of $1,434,785.79. Following the completion of the sale, the director now directly owns 5,904,277 shares of the company’s stock, valued at approximately $402,612,648.63. This represents a 0.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the transaction, the chief operating officer now directly owns 400,000 shares in the company, valued at $27,212,000. This represents a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,190,496 shares of company stock valued at $82,695,512 in the last 90 days. 16.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Swedbank AB raised its stake in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the period. Norges Bank bought a new stake in Credo Technology Group in the fourth quarter worth about $117,242,000. Point72 Asset Management L.P. raised its position in Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares during the period. Alliancebernstein L.P. boosted its stake in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after acquiring an additional 1,305,594 shares during the last quarter. Finally, Polar Capital Holdings Plc grew its position in shares of Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after acquiring an additional 1,150,084 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.