Credo Technology Group (NASDAQ:CRDO) Stock Price Down 2.4% – What’s Next?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) dropped 2.4% during mid-day trading on Monday . The company traded as low as $42.80 and last traded at $42.64. Approximately 1,001,524 shares traded hands during trading, a decline of 72% from the average daily volume of 3,550,815 shares. The stock had previously closed at $43.68.

Wall Street Analyst Weigh In

Several brokerages recently commented on CRDO. The Goldman Sachs Group boosted their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Mizuho lowered their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday, April 3rd. Bank of America dropped their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Nine research 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, Credo Technology Group currently has an average rating of “Buy” and an average target price of $71.50.

Credo Technology Group Stock Down 2.2 %

The business’s 50-day moving average price is $45.38 and its 200 day moving average price is $55.02. The company has a market capitalization of $7.25 billion, a P/E ratio of -284.71 and a beta of 2.30.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total value of $5,866,000.00. Following the completion of the sale, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at approximately $165,750,927.86. This represents a 3.42 % 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 stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $36.74, for a total value of $2,020,700.00. Following the sale, the chief technology officer now owns 7,773,602 shares of the company’s stock, valued at $285,602,137.48. This represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 563,665 shares of company stock worth $26,810,463 in the last 90 days. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group during the 1st quarter valued at approximately $27,000. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the fourth quarter worth about $38,000. WASHINGTON TRUST Co acquired a new position in Credo Technology Group during the fourth quarter worth $43,000. Principal Securities Inc. raised its position 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 valued at $45,000 after buying an additional 576 shares during the period. Finally, Quarry LP purchased a new position in Credo Technology Group during the fourth quarter worth about $58,000. Hedge funds and other institutional investors 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.