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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $39.18, but opened at $36.92. Credo Technology Group shares last traded at $37.83, with a volume of 357,500 shares changing hands.

Specifically, insider James Laufman sold 8,000 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the sale, the insider now owns 271,725 shares in the company, valued at $10,621,730.25. This represents a 2.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the transaction, the chief financial officer now directly owns 608,602 shares in the company, valued at approximately $24,800,531.50. This represents a 0.62 % decrease in their position. The disclosure for this sale can be found here. In related news, CTO Chi Fung Cheng sold 55,000 shares of the 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 sale, the chief technology officer now directly owns 7,883,602 shares of the company's stock, valued at approximately $305,726,085.56. This trade represents a 0.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CRDO. Mizuho decreased their target price on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Bank of America dropped their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. The Goldman Sachs Group increased their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Finally, Needham & Company LLC restated a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Credo Technology Group has an average rating of "Buy" and a consensus price target of $73.50.

Credo Technology Group Stock Performance

The company's 50 day simple moving average is $48.58 and its 200-day simple moving average is $54.50. The firm has a market capitalization of $6.20 billion, a PE ratio of -243.47 and a beta of 2.30.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in the business. Rakuten Securities Inc. increased its position in shares of Credo Technology Group by 81.8% in the first quarter. Rakuten Securities Inc. now owns 4,248 shares of the company's stock worth $171,000 after purchasing an additional 1,911 shares during the last quarter. Fortitude Advisory Group L.L.C. lifted its holdings in shares of Credo Technology Group by 23.2% in the 1st quarter. Fortitude Advisory Group L.L.C. now owns 6,390 shares of the company's stock worth $241,000 after acquiring an additional 1,203 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Credo Technology Group by 27.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock valued at $270,000 after purchasing an additional 1,467 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of Credo Technology Group during the first quarter valued at about $301,000. Finally, Handelsbanken Fonder AB lifted its stake in shares of Credo Technology Group by 7.3% in the 1st quarter. Handelsbanken Fonder AB now owns 35,400 shares of the company's stock valued at $1,422,000 after acquiring an additional 2,400 shares during the last quarter. 80.46% of the stock is currently owned by 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.