Credo Technology Group (NASDAQ:CRDO) Trading Down 12.8% on Analyst Downgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price fell 12.8% on Friday after Mizuho lowered their price target on the stock from $90.00 to $82.00. Mizuho currently has an outperform rating on the stock. Credo Technology Group traded as low as $31.68 and last traded at $32.40. 2,979,257 shares were traded during trading, a decline of 12% from the average session volume of 3,385,720 shares. The stock had previously closed at $37.14.

CRDO has been the subject of a number of other reports. Bank of America dropped their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. The Goldman Sachs Group lifted their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Barclays lifted their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. 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 data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $74.60.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $72.09, for a total value of $4,325,400.00. Following the transaction, the chief technology officer now directly owns 8,388,602 shares of the company’s stock, valued at approximately $604,734,318.18. This trade represents a 0.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $43.08, for a total transaction of $430,800.00. Following the transaction, the chief operating officer now directly owns 2,792,447 shares in the company, valued at approximately $120,298,616.76. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 980,665 shares of company stock valued at $65,566,692 in the last 90 days. 16.04% of the stock is currently owned by insiders.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently made changes to their positions in the company. FMR LLC grew its stake in Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after purchasing an additional 1,013,789 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Credo Technology Group by 19.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,133 shares of the company’s stock worth $774,000 after acquiring an additional 4,142 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after purchasing an additional 118,169 shares during the period. Centiva Capital LP bought a new position in Credo Technology Group during the 3rd quarter valued at $553,000. Finally, Janus Henderson Group PLC raised its stake in shares of Credo Technology Group by 18.9% in the 3rd quarter. Janus Henderson Group PLC now owns 66,045 shares of the company’s stock worth $2,034,000 after buying an additional 10,496 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 10.3 %

The stock has a market capitalization of $5.65 billion, a P/E ratio of -222.00 and a beta of 2.16. The firm’s 50-day simple moving average is $56.25 and its 200 day simple moving average is $53.95.

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.