Credo Technology Group (NASDAQ:CRDO) Stock Price Down 7.4% Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) fell 7.4% during trading on Monday following insider selling activity. The stock traded as low as $33.86 and last traded at $33.92. 1,162,786 shares were traded during mid-day trading, a decline of 79% from the average session volume of 5,596,078 shares. The stock had previously closed at $36.63.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $37.29, for a total transaction of $2,050,950.00. Following the completion of the transaction, the chief technology officer now directly owns 7,828,602 shares of the company’s stock, valued at approximately $291,928,568.58. This represents a 0.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Laufman sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the sale, the insider now directly owns 271,725 shares in the company, valued at approximately $10,621,730.25. This trade represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. In related news, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the completion of the transaction, the chief financial officer now directly owns 608,602 shares in the company, valued at $24,800,531.50. This represents a 0.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several recent research reports. Bank of America lowered their price target 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. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. The Goldman Sachs Group lifted their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Barclays cut their target price on Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus price target of $71.50.

Credo Technology Group Stock Performance

The stock has a 50 day moving average price of $47.18 and a 200 day moving average price of $54.72. The company has a market cap of $6.29 billion, a P/E ratio of -246.80 and a beta of 2.30.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $117,242,000. Alliancebernstein L.P. increased its holdings in shares of Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after buying an additional 1,305,594 shares in the last quarter. Polar Capital Holdings Plc lifted its position in shares of Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after acquiring an additional 1,150,084 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock worth $65,594,000 after acquiring an additional 795,751 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

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.