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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $44.95, but opened at $43.47. Credo Technology Group shares last traded at $41.89, with a volume of 1,253,902 shares trading hands.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the transaction, the chief technology officer now owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. This trade represents a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Mizuho raised their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a report on Friday, January 10th. Barclays upped their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Credo Technology Group has an average rating of "Buy" and an average target price of $74.90.

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Credo Technology Group Price Performance

The firm has a market capitalization of $6.69 billion, a P/E ratio of -261.64 and a beta of 2.16. The business's 50-day moving average is $60.57 and its 200 day moving average is $53.92.

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

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.