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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $41.72, but opened at $40.08. Credo Technology Group shares last traded at $42.10, with a volume of 173,155 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Bank of America decreased their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Barclays lifted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, The Goldman Sachs Group raised 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. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Credo Technology Group has a consensus rating of "Buy" and a consensus price target of $74.60.

Credo Technology Group Stock Down 13.7 %

The firm has a market capitalization of $6.31 billion, a PE ratio of -247.60 and a beta of 2.16. The stock has a 50-day moving average price of $58.13 and a 200 day moving average price of $54.03.

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Insiders Place Their Bets

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the business's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the sale, the director now directly owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 970,665 shares of company stock worth $65,135,892. Company insiders own 16.04% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently modified their holdings of CRDO. Charles Schwab Investment Management Inc. grew its stake in Credo Technology Group by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company's stock valued at $35,006,000 after acquiring an additional 95,335 shares in the last quarter. FMR LLC boosted 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 worth $35,493,000 after purchasing an additional 1,013,789 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Credo Technology Group by 19.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,133 shares of the company's stock valued at $774,000 after purchasing an additional 4,142 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company's stock valued at $7,507,000 after purchasing an additional 118,169 shares during the last quarter. Finally, Captrust Financial Advisors lifted its position in Credo Technology Group by 24.6% during the third quarter. Captrust Financial Advisors now owns 98,257 shares of the company's stock worth $3,026,000 after buying an additional 19,397 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

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.