Credo Technology Group (NASDAQ:CRDO) Stock Price Down 8.7% Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares traded down 8.7% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $45.77 and last traded at $44.92. 721,284 shares were traded during trading, a decline of 78% from the average session volume of 3,209,856 shares. The stock had previously closed at $49.18.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were 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 directly owns 8,048,602 shares of the company's stock, valued at $400,578,921.54. This trade represents a 0.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRDO. Mizuho increased their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a report on Friday, January 10th. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. TD Cowen lifted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Finally, Bank of America reduced their price objective 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. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $74.90.

Remove Ads

Credo Technology Group Stock Performance

The stock's fifty day simple moving average is $60.57 and its two-hundred day simple moving average is $53.73. The company has a market cap of $6.88 billion, a price-to-earnings ratio of -270.07 and a beta of 2.16.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Fire Capital Management LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $569,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Credo Technology Group during the fourth quarter valued at approximately $7,799,000. B. Riley Wealth Advisors Inc. purchased a new stake in Credo Technology Group during the fourth quarter worth approximately $498,000. Mackenzie Financial Corp increased its position in shares of Credo Technology Group by 395.3% in the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company's stock worth $2,564,000 after acquiring an additional 30,443 shares in the last quarter. Finally, Forum Financial Management LP acquired a new position in shares of Credo Technology Group during the 4th quarter valued at $253,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

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.