Credo Technology Group (NASDAQ:CRDO) Shares Down 6.6% – Here’s Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares dropped 6.6% during trading on Tuesday . The company traded as low as $71.58 and last traded at $72.17. Approximately 816,313 shares traded hands during trading, a decline of 67% from the average daily volume of 2,447,757 shares. The stock had previously closed at $77.25.

Wall Street Analyst Weigh In

CRDO has been the topic of several analyst reports. Roth Mkm raised their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price target (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. TD Cowen boosted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Finally, Craig Hallum raised their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average price target of $68.60.

Credo Technology Group Stock Down 4.8 %

The firm has a market capitalization of $11.11 billion, a price-to-earnings ratio of -443.07 and a beta of 2.26. The stock’s 50 day moving average price is $48.93 and its two-hundred day moving average price is $36.45.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $29.67, for a total value of $1,631,850.00. Following the transaction, the chief technology officer now directly owns 9,003,602 shares in the company, valued at approximately $267,136,871.34. The trade was a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the sale, the chief executive officer now owns 2,370,858 shares of the company’s stock, valued at approximately $160,388,543.70. The trade was a 5.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,276,120 shares of company stock valued at $49,535,455 over the last ninety days. Corporate insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. CWM LLC increased its position in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the period. Fifth Third Bancorp increased its holdings in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares during the period. Bank of New York Mellon Corp raised its position in shares of Credo Technology Group by 62.7% during the second quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company’s stock valued at $20,913,000 after buying an additional 252,349 shares during the last quarter. RiverPark Advisors LLC bought a new stake in shares of Credo Technology Group in the second quarter valued at about $175,000. Finally, Panagora Asset Management Inc. grew its position in Credo Technology Group by 12.0% during the second quarter. Panagora Asset Management Inc. now owns 597,793 shares of the company’s stock worth $19,094,000 after buying an additional 63,875 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.