Credo Technology Group (NASDAQ:CRDO) Trading Down 4.1% on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price fell 4.1% on Friday after an insider sold shares in the company. The stock traded as low as $68.21 and last traded at $69.08. 570,198 shares were traded during mid-day trading, a decline of 77% from the average session volume of 2,478,663 shares. The stock had previously closed at $72.02.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.04, for a total value of $3,742,200.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Pantas Sutardja sold 21,041 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.19, for a total value of $1,434,785.79. Following the sale, the director now owns 5,904,277 shares in the company, valued at approximately $402,612,648.63. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. In other news, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the sale, the chief operating officer now directly owns 400,000 shares in the company, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of research analyst reports. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Susquehanna initiated coverage on Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Mizuho increased their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, Needham & Company LLC upped their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average target price of $68.60.

Credo Technology Group Stock Down 3.8 %

The firm’s 50 day moving average is $53.46 and its 200-day moving average is $38.49. The firm has a market cap of $11.59 billion, a PE ratio of -461.93 and a beta of 2.26.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRDO. JPMorgan Chase & Co. boosted its holdings in Credo Technology Group by 7.4% in the third 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. Point72 Asset Management L.P. increased its position in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC raised its position in shares of Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after purchasing an additional 115,271 shares in the last quarter. Swedbank AB grew its holdings in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after acquiring an additional 2,961,454 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after buying an additional 170,412 shares in the last quarter. Hedge funds and other 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.