Credo Technology Group (NASDAQ:CRDO) Stock Price Down 4.4% – Should You Sell?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price traded down 4.4% during trading on Monday . The company traded as low as $47.40 and last traded at $46.99. 582,969 shares were traded during mid-day trading, a decline of 82% from the average session volume of 3,151,454 shares. The stock had previously closed at $49.15.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Mizuho lifted their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Craig Hallum lifted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Bank of America cut their target price on shares of 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 analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $74.90.

Credo Technology Group Trading Down 6.3 %

The firm has a market cap of $7.48 billion, a PE ratio of -293.80 and a beta of 2.16. The firm’s 50 day simple moving average is $65.02 and its 200 day simple moving average is $52.92.

Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total value of $5,866,000.00. Following the sale, the chief operating officer now owns 2,825,621 shares in the company, valued at $165,750,927.86. The trade was a 3.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on 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 sale, the chief technology officer now owns 8,508,602 shares in the company, valued at approximately $578,925,280.08. The trade was a 0.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,186,706 shares of company stock worth $82,430,478 in the last 90 days. 16.04% of the stock is currently owned by corporate insiders.

Institutional Trading of Credo Technology Group

Hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd purchased a new stake in shares of Credo Technology Group during the 3rd quarter valued at about $3,948,000. Wellington Management Group LLP raised its position in shares of Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares in the last quarter. Centiva Capital LP purchased a new stake in shares of Credo Technology Group during the 3rd quarter valued at about $553,000. Charles Schwab Investment Management Inc. raised its position in shares of Credo Technology Group by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Credo Technology Group by 94.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after buying an additional 118,169 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other 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.