Credo Technology Group (NASDAQ:CRDO) Trading Down 13% Following Analyst Downgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price traded down 13% during trading on Thursday after Mizuho lowered their price target on the stock from $90.00 to $82.00. Mizuho currently has an outperform rating on the stock. Credo Technology Group traded as low as $37.32 and last traded at $37.45. 1,791,137 shares were traded during mid-day trading, a decline of 47% from the average session volume of 3,359,453 shares. The stock had previously closed at $43.04.

A number of other brokerages have also recently weighed in on CRDO. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, The Goldman Sachs Group raised their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $74.60.

Insider Buying and Selling at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the transaction, the chief operating officer now directly owns 2,802,447 shares in the company, valued at $126,754,677.81. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 970,665 shares of company stock valued at $65,135,892 in the last three months. Corporate insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of CRDO. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group in the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co acquired a new position in Credo Technology Group in the fourth quarter worth $43,000. Principal Securities Inc. boosted its holdings in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the period. Quarry LP bought a new stake in Credo Technology Group during the fourth quarter valued at $58,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $61,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Trading Down 12.6 %

The stock’s 50-day moving average price is $58.13 and its 200-day moving average price is $54.03. The company has a market capitalization of $6.39 billion, a P/E ratio of -250.87 and a beta of 2.16.

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.