Credo Technology Group (NASDAQ:CRDO) Trading Down 8.9% – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares were down 8.9% during trading on Monday . The stock traded as low as $60.00 and last traded at $60.86. Approximately 2,631,097 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 5,120,959 shares. The stock had previously closed at $66.78.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CRDO shares. Needham & Company LLC raised 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. Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Craig Hallum increased their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Susquehanna began coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Price Performance

The firm has a market cap of $10.24 billion, a PE ratio of -408.33 and a beta of 2.09. The stock’s fifty day simple moving average is $71.66 and its 200-day simple moving average is $51.30.

Insider Buying and Selling

In other news, CFO Daniel W. Fleming sold 12,504 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the transaction, the chief financial officer now directly owns 656,456 shares of the company’s stock, valued at approximately $31,824,986.88. This represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $125,550.00. Following the sale, the director now directly owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,305,679 shares of company stock worth $89,862,242 in the last 90 days. Insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently added to or reduced their stakes in CRDO. Nisa Investment Advisors LLC lifted its holdings in Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after acquiring an additional 255 shares during the period. Assetmark Inc. raised its holdings in Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after purchasing an additional 257 shares during the period. CIBC Private Wealth Group LLC boosted its position in 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 in the last quarter. GAMMA Investing LLC grew its holdings in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after purchasing an additional 351 shares during the period. Finally, Amalgamated Bank grew its holdings in Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock valued at $321,000 after purchasing an additional 411 shares during the period. 80.46% of the stock is owned by hedge funds and other 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.