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

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) were down 8.7% on Wednesday following insider selling activity. The stock traded as low as $45.77 and last traded at $44.92. Approximately 721,284 shares changed 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 stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $49.77, for a total value of $2,737,350.00. Following the sale, the chief technology officer now directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRDO. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Needham & Company LLC reissued a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Stifel Nicolaus raised their price objective 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. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Finally, Mizuho increased their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Stock Down 5.6 %

The business’s 50-day moving average is $61.36 and its 200-day moving average is $53.42. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of -282.87 and a beta of 2.16.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of CRDO. Kestra Investment Management LLC acquired a new stake in Credo Technology Group in the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group during the 4th quarter valued at about $43,000. Principal Securities Inc. boosted 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 worth $45,000 after purchasing an additional 576 shares during the last quarter. Quarry LP purchased a new stake in Credo Technology Group in the 4th quarter valued at $58,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at about $61,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.