Credo Technology Group (NASDAQ:CRDO) Shares Down 4.4% – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price fell 4.4% during mid-day trading on Monday . The company traded as low as $47.40 and last traded at $46.99. Approximately 582,969 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 3,151,454 shares. The stock had previously closed at $49.15.

Analysts Set New Price Targets

A number of brokerages have recently commented on CRDO. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. The Goldman Sachs Group boosted their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Craig Hallum increased their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Mizuho boosted their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Finally, Barclays upped their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $74.90.

Credo Technology Group Price Performance

The company has a market cap of $7.85 billion, a PE ratio of -308.98 and a beta of 2.16. The firm’s 50 day moving average is $66.23 and its 200 day moving average is $52.77.

Insider Activity

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total value of $6,113,000.00. Following the completion of the sale, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at $61,130,000. The trade was a 9.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,190,496 shares of company stock worth $82,695,512 in the last three months. Corporate insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its holdings in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after buying an additional 255 shares during the last quarter. Assetmark Inc. increased its position in shares of Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after acquiring an additional 257 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock worth $75,000 after purchasing an additional 348 shares during the period. GAMMA Investing LLC grew its stake in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares during the last quarter. Finally, Amalgamated Bank grew its stake in shares of Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after purchasing an additional 411 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

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.