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

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $44.95, but opened at $43.47. Credo Technology Group shares last traded at $41.89, with a volume of 1,253,902 shares traded.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on 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 directly owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. This trade represents a 0.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of research analyst reports. TD Cowen increased their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Mizuho boosted their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, The Goldman Sachs Group increased their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Nine equities 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.com, the stock presently has an average rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Trading Down 4.5 %

The stock has a market cap of $6.88 billion, a PE ratio of -270.07 and a beta of 2.16. The firm has a fifty day simple moving average of $60.57 and a two-hundred day simple moving average of $53.53.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently made changes to their positions in the stock. Fire Capital Management LLC bought a new position in Credo Technology Group in the fourth quarter valued at $569,000. Universal Beteiligungs und Servicegesellschaft mbH bought 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 position in shares of Credo Technology Group during the fourth quarter worth approximately $498,000. Mackenzie Financial Corp lifted its holdings in shares of Credo Technology Group by 395.3% in the 4th 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 during the last quarter. Finally, Forum Financial Management LP bought a new position in shares of Credo Technology Group during the 4th quarter valued at $253,000. Institutional investors own 80.46% of the company’s stock.

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.