Bank of America Has Lowered Expectations for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO) had its price objective dropped by equities researchers at Bank of America from $83.00 to $75.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 78.27% from the stock’s current price.

CRDO has been the topic of several other research reports. Stifel Nicolaus upped their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday. Susquehanna cut their price objective on Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating on the stock in a report on Wednesday. Mizuho lifted their price objective on shares of 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, 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. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $74.90.

Credo Technology Group Trading Down 10.0 %

NASDAQ:CRDO opened at $42.07 on Wednesday. The company has a 50-day moving average of $69.20 and a 200-day moving average of $52.09. The firm has a market cap of $7.04 billion, a price-to-earnings ratio of -280.47 and a beta of 2.09. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $86.69.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.04, for a total value of $3,742,200.00. Following the transaction, the chief technology officer now owns 8,508,602 shares of the company’s stock, valued at approximately $578,925,280.08. The trade was a 0.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total value of $5,866,000.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders have sold a total of 1,190,496 shares of company stock valued at $82,695,512 in the last 90 days. 16.04% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently bought and sold shares of CRDO. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Credo Technology Group in the 4th quarter worth $7,799,000. B. Riley Wealth Advisors Inc. bought a new position in Credo Technology Group during the fourth quarter worth about $498,000. Mackenzie Financial Corp grew its position in shares of Credo Technology Group by 395.3% during the 4th quarter. Mackenzie Financial Corp now owns 38,144 shares of the company’s stock worth $2,564,000 after buying an additional 30,443 shares during the period. Forum Financial Management LP acquired a new position in shares of Credo Technology Group during the 4th quarter worth about $253,000. Finally, GTS Securities LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $323,000. 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.