Credo Technology Group (NASDAQ:CRDO) Shares Down 6.6% - Here's Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s share price traded down 6.6% during mid-day trading on Tuesday . The stock traded as low as $71.58 and last traded at $72.17. 816,313 shares were traded during mid-day trading, a decline of 67% from the average session volume of 2,447,757 shares. The stock had previously closed at $77.25.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CRDO shares. Roth Mkm increased their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. Needham & Company LLC raised their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. TD Cowen upped their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Finally, Barclays upped their price target on Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $68.60.

Credo Technology Group Price Performance

The stock has a market capitalization of $11.68 billion, a P/E ratio of -483.60 and a beta of 2.26. The business's 50 day moving average price is $47.59 and its 200 day moving average price is $35.93.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $29.67, for a total value of $1,631,850.00. Following the sale, the chief technology officer now directly owns 9,003,602 shares in the company, valued at approximately $267,136,871.34. The trade was a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $38.41, for a total value of $384,100.00. Following the completion of the sale, the chief operating officer now directly owns 2,872,672 shares in the company, valued at approximately $110,339,331.52. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,276,120 shares of company stock valued at $49,535,455 in the last quarter. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently modified their holdings of the stock. Swedbank AB boosted its position in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company's stock valued at $101,650,000 after buying an additional 2,961,454 shares during the period. Point72 Asset Management L.P. lifted its position in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock valued at $120,627,000 after buying an additional 1,660,230 shares during the last quarter. FMR LLC lifted its holdings in shares of 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 purchasing an additional 1,013,789 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock worth $88,188,000 after acquiring an additional 705,512 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock worth $61,415,000 after purchasing an additional 368,518 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

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.