Credo Technology Group (NASDAQ:CRDO) Trading Down 5.4% Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was down 5.4% during mid-day trading on Monday following insider selling activity. The stock traded as low as $37.41 and last traded at $38.33. Approximately 1,604,014 shares changed hands during trading, a decline of 52% from the average daily volume of 3,327,896 shares. The stock had previously closed at $40.51.

Specifically, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the transaction, the chief operating officer now owns 2,802,447 shares of the company’s stock, valued at approximately $126,754,677.81. The trade was a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the sale, the chief technology officer now owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. The trade was a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several brokerages recently commented on CRDO. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Barclays increased their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Stifel Nicolaus boosted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Bank of America dropped their target price on 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. Finally, TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and an average target price of $74.90.

Credo Technology Group Trading Up 3.9 %

The stock has a market cap of $7.08 billion, a P/E ratio of -278.13 and a beta of 2.16. The business has a 50-day simple moving average of $58.98 and a 200 day simple moving average of $54.10.

Institutional Trading of Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised 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 worth $88,188,000 after purchasing an additional 705,512 shares during the last quarter. Centiva Capital LP bought a new position in Credo Technology Group during the third quarter worth $553,000. Charles Schwab Investment Management Inc. lifted its holdings in Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 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 valued at $7,507,000 after buying an additional 118,169 shares during the period. Finally, Proficio Capital Partners LLC acquired a new stake in Credo Technology Group during the 4th quarter worth about $700,000. 80.46% of the stock is currently owned by institutional investors.

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.