Credo Technology Group (NASDAQ:CRDO) Shares Gap Down – Time to Sell?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $73.56, but opened at $69.68. Credo Technology Group shares last traded at $73.05, with a volume of 1,259,053 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price target for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. TD Cowen lifted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Susquehanna started coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price on the stock. Finally, Craig Hallum lifted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Trading Down 0.2 %

The firm has a fifty day moving average price of $72.05 and a 200 day moving average price of $48.00. The firm has a market cap of $12.27 billion, a PE ratio of -490.33 and a beta of 2.09.

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the sale, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the sale, the chief technology officer now owns 8,618,602 shares in the company, valued at $418,605,499.14. This trade represents a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,305,679 shares of company stock worth $89,862,242 in the last quarter. Company insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Allworth Financial LP grew its position in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares in the last quarter. Rakuten Securities Inc. acquired a new position in shares of Credo Technology Group during the third quarter worth about $30,000. Brown Brothers Harriman & Co. grew its position in shares of Credo Technology Group by 695.1% during the third 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 in the last quarter. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth about $38,000. Finally, WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group during the fourth quarter worth about $43,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.