Credo Technology Group (NASDAQ:CRDO) Trading Down 8.7% After Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares were down 8.7% on Wednesday following insider selling activity. The company traded as low as $45.77 and last traded at $44.92. Approximately 721,284 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 3,209,856 shares. The stock had previously closed at $49.18.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,048,602 shares of the company’s stock, valued at approximately $400,578,921.54. The trade was a 0.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Bank of America reduced their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Mizuho increased their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, The Goldman Sachs Group increased their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and an average target price of $74.90.

Credo Technology Group Stock Performance

The business has a fifty day moving average of $61.36 and a two-hundred day moving average of $53.42. The firm has a market cap of $7.20 billion, a price-to-earnings ratio of -282.87 and a beta of 2.16.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group during the fourth quarter worth approximately $43,000. Principal Securities Inc. grew its position in shares of Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the period. Quarry LP acquired a new stake in Credo Technology Group in the 4th quarter worth about $58,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group in the fourth quarter worth approximately $61,000. Institutional investors and hedge funds 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.