Credo Technology Group (NASDAQ:CRDO) Stock Price Down 7.6% - Time to Sell?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares were down 7.6% during trading on Thursday . The company traded as low as $38.62 and last traded at $39.96. Approximately 1,556,167 shares changed hands during trading, a decline of 55% from the average daily volume of 3,470,203 shares. The stock had previously closed at $43.27.

Wall Street Analyst Weigh In

Several analysts have recently commented on CRDO shares. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Mizuho dropped their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Stifel Nicolaus upped their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Finally, Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $74.60.

Credo Technology Group Price Performance

The firm's 50 day simple moving average is $52.54 and its 200 day simple moving average is $54.58. The stock has a market capitalization of $6.64 billion, a PE ratio of -260.67 and a beta of 2.30.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $38.78, for a total transaction of $2,132,900.00. Following the completion of the transaction, the chief technology officer now owns 7,883,602 shares of the company's stock, valued at $305,726,085.56. This trade represents a 0.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the company's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the transaction, the chief operating officer now owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 776,875 shares of company stock valued at $46,172,300 in the last 90 days. Insiders own 16.04% of the company's stock.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $43,000. Principal Securities Inc. grew its holdings in shares of 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 last quarter. Quarry LP purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $58,000. Finally, Plato Investment Management Ltd bought a new stake in shares of Credo Technology Group in the fourth quarter valued at about $61,000. 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.