Credo Technology Group (NASDAQ:CRDO) Stock Price Down 0.9% – Here’s What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price dropped 0.9% during trading on Friday . The stock traded as low as $37.40 and last traded at $37.90. Approximately 657,744 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 3,483,736 shares. The stock had previously closed at $38.24.

Analyst Upgrades and Downgrades

CRDO has been the topic of several research analyst reports. Mizuho dropped their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Thursday, April 3rd. Bank of America lowered their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. The Goldman Sachs Group boosted their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, Barclays upped their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $74.60.

Credo Technology Group Price Performance

The stock has a 50-day moving average of $53.29 and a 200 day moving average of $54.36. The company has a market cap of $6.55 billion, a P/E ratio of -257.53 and a beta of 2.30.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $32.96, for a total value of $1,812,800.00. Following the transaction, the chief technology officer now directly owns 7,938,602 shares of the company’s stock, valued at $261,656,321.92. This trade represents a 0.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total value of $10,903,500.00. Following the sale, the director now owns 963,725 shares of the company’s stock, valued at $70,053,170.25. The trade was a 13.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 721,875 shares of company stock worth $44,039,400. 16.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Kestra Investment Management LLC acquired a new position in Credo Technology Group in the 4th quarter worth about $38,000. WASHINGTON TRUST Co bought a new stake in Credo Technology Group during the 4th quarter worth approximately $43,000. Principal Securities Inc. increased its position in Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares during the period. Quarry LP acquired a new position in shares of Credo Technology Group during the fourth quarter worth $58,000. Finally, Plato Investment Management Ltd bought a new stake in shares of Credo Technology Group in the fourth quarter worth $61,000. 80.46% of the stock is currently owned by institutional investors.

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.