Credo Technology Group (NASDAQ:CRDO) Shares Down 5.4% on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares were down 5.4% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $37.41 and last traded at $38.33. Approximately 1,604,014 shares were traded during trading, a decline of 52% from the average daily volume of 3,327,896 shares. The stock had previously closed at $40.51.

Specifically, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the sale, the chief operating officer now directly owns 2,802,447 shares in the company, valued at approximately $126,754,677.81. This represents a 0.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's 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 transaction, the chief technology officer now owns 8,048,602 shares of the company's stock, valued at $400,578,921.54. This represents a 0.68 % decrease in their position. The disclosure for this sale can be found here.

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Analyst Upgrades and Downgrades

CRDO has been the subject of several analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Barclays raised their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Finally, Bank of America cut their price objective on 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. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $74.60.

Credo Technology Group Stock Performance

The firm's 50-day moving average price is $58.13 and its 200 day moving average price is $54.03. The company has a market cap of $6.43 billion, a price-to-earnings ratio of -252.40 and a beta of 2.16.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Fire Capital Management LLC bought a new stake in Credo Technology Group in the 4th quarter valued at $569,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Credo Technology Group in the fourth quarter valued at about $7,799,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Credo Technology Group during the fourth quarter worth about $498,000. Mackenzie Financial Corp grew its holdings in shares of Credo Technology Group by 395.3% during the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company's stock worth $2,564,000 after buying an additional 30,443 shares in the last quarter. Finally, Forum Financial Management LP acquired a new stake in Credo Technology Group in the 4th quarter valued at approximately $253,000. 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.