Credo Technology Group (NASDAQ:CRDO) Shares Down 12.8% on Analyst Downgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price was down 12.8% during trading on Friday after Mizuho lowered their price target on the stock from $90.00 to $82.00. Mizuho currently has an outperform rating on the stock. Credo Technology Group traded as low as $31.68 and last traded at $32.40. Approximately 2,979,257 shares traded hands during trading, a decline of 12% from the average daily volume of 3,385,720 shares. The stock had previously closed at $37.14.

Several other brokerages have also commented on CRDO. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Bank of America reduced 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. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $74.60.

Insider Activity at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the sale, the director now directly owns 5,902,402 shares in the company, valued at $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the transaction, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 980,665 shares of company stock valued at $65,566,692. Corporate insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. Fire Capital Management LLC acquired a new position in Credo Technology Group in the 4th quarter valued at about $569,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $7,799,000. B. Riley Wealth Advisors Inc. purchased a new position in Credo Technology Group in the fourth quarter worth approximately $498,000. Mackenzie Financial Corp increased its stake in Credo Technology Group by 395.3% during the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company’s stock worth $2,564,000 after acquiring an additional 30,443 shares during the last quarter. Finally, Forum Financial Management LP purchased a new stake in Credo Technology Group in the fourth quarter valued at $253,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

The firm has a market cap of $5.65 billion, a price-to-earnings ratio of -222.00 and a beta of 2.16. The company has a 50 day moving average price of $56.25 and a 200 day moving average price of $53.95.

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.