Credo Technology Group (NASDAQ:CRDO) Trading Down 7% on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price traded down 7% during trading on Monday following insider selling activity. The stock traded as low as $68.33 and last traded at $69.04. 1,844,408 shares were traded during mid-day trading, a decline of 23% from the average session volume of 2,388,127 shares. The stock had previously closed at $74.23.

Specifically, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the transaction, the chief executive officer now directly owns 2,370,858 shares in the company, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lip Bu Tan sold 3,799 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the completion of the sale, the director now directly owns 1,709,926 shares of the company’s stock, valued at approximately $120,943,065.98. The trade was a 0.22 % decrease in their position. The disclosure for this sale can be found here. In related news, CFO Daniel W. Fleming sold 12,504 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total transaction of $606,193.92. Following the transaction, the chief financial officer now directly owns 656,456 shares in the company, valued at approximately $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research analyst reports. TD Cowen upped their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Craig Hallum raised their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group boosted their target price on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Barclays raised their price target on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Finally, Mizuho upped their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $67.33.

Credo Technology Group Trading Down 1.1 %

The stock’s 50-day simple moving average is $44.29 and its 200-day simple moving average is $34.49. The stock has a market cap of $11.08 billion, a price-to-earnings ratio of -441.73 and a beta of 2.26.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in CRDO. Point72 Hong Kong Ltd bought a new position in shares of Credo Technology Group in the third quarter worth $3,948,000. Charles Schwab Investment Management Inc. increased its holdings in Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares during the period. Centiva Capital LP acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at approximately $553,000. Los Angeles Capital Management LLC bought a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $565,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after acquiring an additional 368,518 shares during the period. 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.