Credo Technology Group (NASDAQ:CRDO) Trading Down 4.1% Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) traded down 4.1% during mid-day trading on Friday following insider selling activity. The stock traded as low as $68.21 and last traded at $69.08. Approximately 570,198 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 2,478,663 shares. The stock had previously closed at $72.02.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the completion of the transaction, the chief technology officer now owns 8,508,602 shares in the company, valued at approximately $578,925,280.08. This trade represents a 0.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Pantas Sutardja sold 21,041 shares of the firm's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.19, for a total value of $1,434,785.79. Following the completion of the sale, the director now directly owns 5,904,277 shares of the company's stock, valued at approximately $402,612,648.63. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, COO Yat Tung Lam sold 100,000 shares of the business's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the transaction, the chief operating officer now directly owns 400,000 shares of the company's stock, valued at approximately $27,212,000. The trade was a 20.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CRDO shares. Mizuho upped their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a report on Monday, October 14th. TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Susquehanna assumed coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They set a "neutral" rating and a $80.00 price objective for the company. Needham & Company LLC upped their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. Finally, The Goldman Sachs Group increased their target price on Credo Technology Group from $31.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $68.60.

Credo Technology Group Trading Down 3.8 %

The stock has a market capitalization of $11.59 billion, a P/E ratio of -461.93 and a beta of 2.26. The business has a 50-day moving average price of $52.82 and a two-hundred day moving average price of $38.21.

Institutional Trading of Credo Technology Group

Several large investors have recently made changes to their positions in CRDO. Assetmark Inc. grew its position in Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company's stock valued at $153,000 after acquiring an additional 257 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company's stock valued at $145,000 after purchasing an additional 478 shares in the last quarter. US Bancorp DE grew its holdings in shares of Credo Technology Group by 4.2% during the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company's stock valued at $499,000 after purchasing an additional 649 shares during the last quarter. PDT Partners LLC increased its position in Credo Technology Group by 0.7% during the 3rd quarter. PDT Partners LLC now owns 88,720 shares of the company's stock worth $2,733,000 after purchasing an additional 652 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after purchasing an additional 771 shares during the last quarter. Institutional investors and hedge funds 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.