Credo Technology Group (NASDAQ:CRDO) Stock Price Down 8.7% – Should You Sell?

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

Analysts Set New Price Targets

CRDO has been the topic of several recent research reports. Craig Hallum increased their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. TD Cowen increased their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, The Goldman Sachs Group boosted their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $74.90.

Credo Technology Group Price Performance

The stock has a market cap of $7.69 billion, a PE ratio of -302.96 and a beta of 2.16. The business has a fifty day moving average of $62.64 and a 200-day moving average of $53.56.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $69.52, for a total value of $6,952,000.00. Following the completion of the sale, the chief operating officer now directly owns 300,000 shares in the company, valued at $20,856,000. The trade was a 25.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the 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 transaction, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,065,665 shares of company stock worth $73,051,442. 16.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of CRDO. Norges Bank purchased a new position in shares of Credo Technology Group in the 4th quarter valued at $117,242,000. Point72 Asset Management L.P. boosted its position in Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares in the last quarter. Alliancebernstein L.P. grew its stake in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after purchasing an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc raised its holdings in Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after purchasing an additional 1,150,084 shares in the last quarter. Finally, FMR LLC lifted its position in shares of Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after buying an additional 1,013,789 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.