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

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down before the market opened on Monday following insider selling activity. 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 traded.

Specifically, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction dated 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 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 SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the sale, the chief technology officer now directly owns 8,213,602 shares of the company’s stock, valued at approximately $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

Several brokerages have commented on CRDO. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Mizuho lifted their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Craig Hallum boosted their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Roth Mkm raised their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Susquehanna initiated coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and nine have assigned 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 stock’s fifty day simple moving average is $68.45 and its two-hundred day simple moving average is $46.00. The stock has a market capitalization of $11.48 billion, a P/E ratio of -452.19 and a beta of 2.09.

Institutional Trading of Credo Technology Group

Institutional investors have recently modified their holdings of the business. Kestra Investment Management LLC bought a new position in Credo Technology Group during the 4th quarter worth $38,000. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at about $43,000. Principal Securities Inc. raised its position in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after acquiring an additional 576 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares during the period. Finally, Rakuten Securities Inc. bought a new stake in Credo Technology Group in the third quarter valued at approximately $30,000. Institutional investors 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.