Credo Technology Group (NASDAQ:CRDO) Shares Gap Down on Analyst Downgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares gapped down before the market opened on Wednesday after Bank of America lowered their price target on the stock from $83.00 to $75.00. The stock had previously closed at $54.32, but opened at $47.21. Bank of America currently has a buy rating on the stock. Credo Technology Group shares last traded at $45.53, with a volume of 5,461,917 shares changing hands.

A number of other equities research analysts have also recently commented on CRDO. The Goldman Sachs Group lifted their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Barclays lifted their price objective 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. 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 report on Friday, January 10th. Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday. Finally, Craig Hallum upped their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $74.90.

Insider Buying and Selling

In related news, Director Pantas Sutardja sold 21,041 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.19, for a total transaction of $1,434,785.79. Following the sale, the director now owns 5,904,277 shares of the company’s stock, valued at approximately $402,612,648.63. This represents a 0.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $57.87, for a total value of $3,182,850.00. Following the transaction, the chief technology officer now directly owns 8,213,602 shares of the company’s stock, valued at $475,321,147.74. The trade was a 0.67 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,190,496 shares of company stock valued at $82,695,512. Company insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group in the third quarter worth $30,000. Brown Brothers Harriman & Co. increased its stake in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after acquiring an additional 1,001 shares during the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at about $38,000. WASHINGTON TRUST Co purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at about $43,000. Finally, Principal Securities Inc. boosted its position in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

The company has a fifty day moving average price of $69.80 and a 200 day moving average price of $52.16. The company has a market cap of $7.82 billion, a PE ratio of -311.53 and a beta of 2.09.

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.