Credo Technology Group (NASDAQ:CRDO) Shares Down 2.4% - What's Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) traded down 2.4% during trading on Monday . The company traded as low as $42.80 and last traded at $42.64. 1,001,524 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 3,550,815 shares. The stock had previously closed at $43.68.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Bank of America cut their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Stifel Nicolaus reduced their target price on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, The Goldman Sachs Group increased their price target on shares of 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 equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of "Buy" and an average target price of $71.50.

Credo Technology Group Trading Down 2.2 %

The stock has a 50 day moving average of $45.38 and a 200-day moving average of $55.02. The stock has a market capitalization of $7.25 billion, a P/E ratio of -284.71 and a beta of 2.30.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $36.74, for a total value of $2,020,700.00. Following the sale, the chief technology officer now owns 7,773,602 shares of the company's stock, valued at approximately $285,602,137.48. This trade represents a 0.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total value of $5,866,000.00. Following the completion of the sale, the chief operating officer now directly owns 2,825,621 shares of the company's stock, valued at approximately $165,750,927.86. This represents a 3.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 563,665 shares of company stock valued at $26,810,463. Insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group during the first quarter worth about $27,000. Kestra Investment Management LLC acquired a new position in Credo Technology Group in the fourth quarter valued at $38,000. WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group during the 4th quarter valued at $43,000. Principal Securities Inc. raised its holdings in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after buying an additional 576 shares during the period. Finally, Quarry LP acquired a new position in shares of Credo Technology Group in the fourth quarter worth about $58,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.

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