Credo Technology Group (NASDAQ:CRDO) Shares Gap Down – Here’s What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $46.49, but opened at $44.92. Credo Technology Group shares last traded at $45.48, with a volume of 997,579 shares changing hands.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Bank of America decreased 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. Finally, TD Cowen raised 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 note on Tuesday, December 3rd. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $74.90.

Credo Technology Group Price Performance

The firm has a market capitalization of $7.85 billion, a PE ratio of -308.52 and a beta of 2.16. The stock’s 50-day moving average price is $63.96 and its 200 day moving average price is $52.83.

Insider Activity at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $72.61, for a total transaction of $275,191.90. Following the transaction, the chief financial officer now directly owns 638,564 shares of the company’s stock, valued at $46,366,132.04. This trade represents a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $69.52, for a total transaction of $6,952,000.00. Following the transaction, the chief operating officer now directly owns 300,000 shares in the company, valued at approximately $20,856,000. The trade was a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,065,665 shares of company stock valued at $73,051,442 over the last ninety days. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of CRDO. Brown Brothers Harriman & Co. grew its holdings in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares during the last quarter. Kestra Investment Management LLC purchased a new position in Credo Technology Group in the fourth quarter worth $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group in the fourth quarter worth $43,000. Principal Securities Inc. lifted its stake in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after buying an additional 576 shares during the period. Finally, Quarry LP acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $58,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.