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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $70.02, but opened at $63.80. Credo Technology Group shares last traded at $67.83, with a volume of 1,935,172 shares changing hands.

Specifically, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following the completion of the sale, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at $165,750,927.86. This represents a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on 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 completion of the transaction, the chief technology officer now owns 8,213,602 shares of the company’s stock, valued at $475,321,147.74. This trade represents a 0.67 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CRDO. Craig Hallum lifted their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Barclays upped their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Mizuho raised their target price on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Finally, The Goldman Sachs Group lifted their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Stock Performance

The business’s 50-day moving average price is $68.45 and its 200 day moving average price is $46.00. The company has a market cap of $12.01 billion, a P/E ratio of -478.73 and a beta of 2.09.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently bought and sold shares of CRDO. Allworth Financial LP boosted its holdings in shares of Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares during the period. Rakuten Securities Inc. acquired a new position in Credo Technology Group in the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. increased its position in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the period. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group in the fourth quarter valued at about $38,000. Finally, WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group in the fourth quarter valued at about $43,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.