Credo Technology Group (NASDAQ:CRDO) Trading Down 8.9% – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was down 8.9% during trading on Monday . The company traded as low as $60.00 and last traded at $60.86. Approximately 2,631,097 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 5,120,959 shares. The stock had previously closed at $66.78.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several recent research reports. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group increased their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and upped their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Mizuho boosted their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Finally, Susquehanna began coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price objective on the stock. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Stock Performance

The business’s 50 day moving average is $72.26 and its 200-day moving average is $50.86. The stock has a market cap of $10.63 billion, a price-to-earnings ratio of -428.38 and a beta of 2.09.

Insider Activity

In other news, CFO Daniel W. Fleming sold 12,504 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.48, for a total value of $606,193.92. Following the transaction, the chief financial officer now directly owns 656,456 shares of the company’s stock, valued at approximately $31,824,986.88. This trade represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the sale, the chief technology officer now directly owns 8,618,602 shares of the company’s stock, valued at approximately $418,605,499.14. This represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,305,679 shares of company stock worth $89,862,242 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. Allworth Financial LP increased its holdings in shares of Credo Technology Group by 917.9% in the third 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. Rakuten Securities Inc. acquired a new stake in shares of Credo Technology Group in the 3rd quarter worth $30,000. Brown Brothers Harriman & Co. increased its stake in shares of Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after acquiring an additional 1,001 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group during the 4th quarter worth $38,000. Finally, WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group during the 4th quarter valued at about $43,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.