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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down before the market opened on Wednesday . The stock had previously closed at $41.72, but opened at $40.08. Credo Technology Group shares last traded at $42.10, with a volume of 173,155 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CRDO shares. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Barclays boosted their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Mizuho raised their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Finally, TD Cowen boosted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $74.90.

Credo Technology Group Trading Up 1.1 %

The stock has a market capitalization of $7.17 billion, a PE ratio of -283.43 and a beta of 2.16. The business’s 50 day moving average is $58.98 and its 200 day moving average is $54.10.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the transaction, the director now owns 1,113,725 shares in the company, valued at $84,743,335.25. The trade was a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,448,602 shares of the company’s stock, valued at approximately $584,812,230.44. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,030,665 shares of company stock valued at $69,289,092 in the last ninety days. Corporate insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after purchasing an additional 95,335 shares during the last quarter. Bank of Montreal Can purchased a new position in Credo Technology Group during the 3rd quarter worth approximately $8,578,000. FMR LLC lifted its stake in Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares during the period. Glenmede Trust Co. NA raised its stake in shares of Credo Technology Group by 37.3% during the 3rd quarter. Glenmede Trust Co. NA now owns 26,719 shares of the company’s stock valued at $823,000 after buying an additional 7,260 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Credo Technology Group by 19.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,133 shares of the company’s stock valued at $774,000 after buying an additional 4,142 shares during the period. Hedge funds and other 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.