Credo Technology Group (NASDAQ:CRDO) Shares Gap Down Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $44.95, but opened at $43.47. Credo Technology Group shares last traded at $41.89, with a volume of 1,253,902 shares changing hands.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on 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 document filed with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CRDO shares. TD Cowen boosted 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. Bank of America lowered their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Mizuho boosted their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Stock Performance

The company has a market capitalization of $7.12 billion, a PE ratio of -279.23 and a beta of 2.16. The business has a fifty day moving average price of $62.03 and a 200 day moving average price of $53.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC lifted its position in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after acquiring an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC boosted its stake in shares of Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after purchasing an additional 348 shares during the period. GAMMA Investing LLC increased its stake in Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares during the period. Amalgamated Bank lifted its holdings in Credo Technology Group by 9.4% in the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after buying an additional 411 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in shares of Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after acquiring an additional 478 shares in the last quarter. Institutional investors and hedge funds 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.