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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down before the market opened 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 Credo Technology Group stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $49.77, for a total value of $2,737,350.00. Following the transaction, the chief technology officer now directly owns 8,048,602 shares of the company’s stock, valued at $400,578,921.54. The trade was a 0.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CRDO shares. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 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 report on Friday, January 17th. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Mizuho increased 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. Finally, Stifel Nicolaus boosted their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Stock Down 5.6 %

The stock has a market cap of $7.20 billion, a price-to-earnings ratio of -282.87 and a beta of 2.16. The company’s 50-day moving average is $61.36 and its 200-day moving average is $53.42.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its position 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 period. Point72 Asset Management L.P. grew its holdings in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after purchasing an additional 1,660,230 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock worth $222,884,000 after purchasing an additional 138,686 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.