Credo Technology Group (NASDAQ:CRDO) Trading Down 5.4% After Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) traded down 5.4% on Monday after an insider sold shares in the company. The stock traded as low as $37.41 and last traded at $38.33. 1,604,014 shares traded hands during trading, a decline of 52% from the average session volume of 3,327,896 shares. The stock had previously closed at $40.51.

Specifically, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the transaction, the chief operating officer now directly owns 2,802,447 shares of the company’s stock, valued at approximately $126,754,677.81. This represents a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s 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 owns 8,048,602 shares of the company’s stock, valued at approximately $400,578,921.54. The trade was a 0.68 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. TD Cowen boosted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Craig Hallum boosted their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Price Performance

The firm’s 50-day simple moving average is $60.57 and its two-hundred day simple moving average is $53.92. The company has a market capitalization of $6.51 billion, a price-to-earnings ratio of -255.93 and a beta of 2.16.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the fourth quarter valued at $38,000. WASHINGTON TRUST Co acquired a new position in Credo Technology Group during the fourth quarter worth about $43,000. Principal Securities Inc. lifted its holdings in shares of 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 in the last quarter. Quarry LP acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $58,000. Finally, Plato Investment Management Ltd purchased a new position in shares of Credo Technology Group during the 4th quarter worth approximately $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.