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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down prior to trading on Monday . The stock had previously closed at $80.47, but opened at $68.26. Credo Technology Group shares last traded at $64.20, with a volume of 5,041,164 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Susquehanna assumed coverage on Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price on the stock. Barclays upped their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. TD Cowen lifted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, Needham & Company LLC lifted their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research 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. According to MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Stock Performance

The stock has a market capitalization of $10.17 billion, a P/E ratio of -406.11 and a beta of 2.11. The business has a 50-day moving average price of $66.70 and a 200 day moving average price of $44.95.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the sale, the chief technology officer now owns 8,728,602 shares of the company’s stock, valued at $413,473,876.74. This trade represents a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total value of $805,900.00. Following the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,203,804 shares of company stock valued at $83,293,192. 16.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP grew its stake in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares during the period. Rakuten Securities Inc. bought a new stake in Credo Technology Group in the 3rd quarter worth approximately $30,000. GAMMA Investing LLC raised its stake in Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after buying an additional 351 shares during the last quarter. Brown Brothers Harriman & Co. lifted its holdings in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the period. Finally, Larson Financial Group LLC grew its holdings in shares of Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after acquiring an additional 1,399 shares during the period. 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.