Credo Technology Group (NASDAQ:CRDO) Trading Down 7.6% – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price was down 7.6% on Thursday . The company traded as low as $38.62 and last traded at $39.96. Approximately 1,556,167 shares traded hands during trading, a decline of 55% from the average daily volume of 3,470,203 shares. The stock had previously closed at $43.27.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several research analyst reports. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Stifel Nicolaus lifted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Bank of America decreased their target price 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. Finally, Needham & Company LLC reiterated 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 equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and an average price target of $74.60.

Credo Technology Group Stock Up 1.3 %

The stock has a 50-day moving average of $52.54 and a 200 day moving average of $54.42. The stock has a market cap of $6.57 billion, a PE ratio of -258.13 and a beta of 2.30.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $69.57, for a total value of $4,174,200.00. Following the transaction, the chief technology officer now directly owns 8,328,602 shares in the company, valued at approximately $579,420,841.14. This represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the sale, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at approximately $227,716,796.39. This trade represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 721,875 shares of company stock valued at $44,039,400 in the last three months. 16.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Credo Technology Group during the fourth quarter worth $117,242,000. Alliancebernstein L.P. boosted its holdings in Credo Technology Group by 299.9% during the 4th 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 period. Polar Capital Holdings Plc grew its position in Credo Technology Group by 382.1% in 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 in the last quarter. JPMorgan Chase & Co. increased its stake in Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after purchasing an additional 909,578 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Credo Technology Group by 441.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock worth $65,594,000 after purchasing an additional 795,751 shares in the last quarter. 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.