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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $70.02, but opened at $63.80. Credo Technology Group shares last traded at $67.83, with a volume of 1,935,172 shares changing hands.

Specifically, COO Yat Tung Lam sold 100,000 shares of the company's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the completion of the transaction, the chief technology officer now directly owns 8,213,602 shares of the company's stock, valued at approximately $475,321,147.74. This trade represents a 0.67 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent analyst reports. Needham & Company LLC raised their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Craig Hallum lifted their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. Stifel Nicolaus increased their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Roth Mkm lifted their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. Finally, Susquehanna initiated coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $76.40.

Credo Technology Group Price Performance

The firm has a market capitalization of $12.92 billion, a P/E ratio of -515.20 and a beta of 2.09. The business's 50-day moving average is $70.90 and its 200 day moving average is $47.08.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRDO. Diversified Trust Co increased its stake in Credo Technology Group by 4.3% during the 3rd quarter. Diversified Trust Co now owns 27,954 shares of the company's stock worth $861,000 after acquiring an additional 1,156 shares during the period. CWM LLC grew its holdings in shares of Credo Technology Group by 105.7% during the 3rd quarter. CWM LLC now owns 2,787 shares of the company's stock worth $86,000 after purchasing an additional 1,432 shares in the last quarter. Carnegie Investment Counsel increased its position in shares of Credo Technology Group by 7.3% in the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company's stock worth $9,610,000 after purchasing an additional 21,350 shares during the period. Wesbanco Bank Inc. acquired a new position in Credo Technology Group in the third quarter valued at about $478,000. Finally, Creative Planning bought a new stake in Credo Technology Group during the third quarter worth about $359,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.