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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares gapped down before the market opened on Wednesday after Susquehanna lowered their price target on the stock from $80.00 to $60.00. The stock had previously closed at $54.32, but opened at $47.21. Susquehanna currently has a neutral rating on the stock. Credo Technology Group shares last traded at $45.53, with a volume of 5,461,917 shares trading hands.

A number of other research analysts have also issued reports on CRDO. TD Cowen boosted their target price 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. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Craig Hallum raised their target price on Credo Technology Group from $38.00 to $75.00 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 note on Friday, January 10th. Finally, The Goldman Sachs Group increased their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $75.40.

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the sale, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This represents a 5.72 % 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 Credo Technology Group 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 completion of the transaction, the chief technology officer now owns 8,213,602 shares in the company, 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. Insiders sold 1,338,175 shares of company stock valued at $92,697,698 over the last 90 days. 16.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently modified their holdings of CRDO. Kestra Investment Management LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group during the 4th quarter worth about $43,000. Principal Securities Inc. boosted its holdings in shares of Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after buying an additional 576 shares during the period. Quarry LP acquired a new position in shares of Credo Technology Group in the fourth quarter worth about $58,000. Finally, Plato Investment Management Ltd purchased a new position in shares of Credo Technology Group in the fourth quarter worth approximately $61,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Price Performance

The firm has a market cap of $7.42 billion, a price-to-earnings ratio of -296.53 and a beta of 2.09. The stock’s fifty day moving average price is $70.29 and its 200-day moving average price is $52.20.

About Credo Technology Group

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.