Credo Technology Group (NASDAQ:CRDO) Shares Gap Down – Here’s What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $46.49, but opened at $44.92. Credo Technology Group shares last traded at $45.48, with a volume of 997,579 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Bank of America lowered their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Finally, Mizuho boosted their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and an average price target of $74.90.

Credo Technology Group Price Performance

The business’s fifty day simple moving average is $63.96 and its two-hundred day simple moving average is $52.83. The company has a market cap of $7.85 billion, a PE ratio of -308.52 and a beta of 2.16.

Insider Buying and Selling at Credo Technology Group

In other 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 transaction of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the sale, the director now directly owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This represents a 11.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,065,665 shares of company stock valued at $73,051,442. Corporate insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

Large investors have recently bought and sold shares of the business. Kestra Investment Management LLC purchased a new stake in Credo Technology Group during the 4th quarter valued at about $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group during the 4th quarter valued at about $43,000. Principal Securities Inc. grew its stake in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares in the last quarter. Quarry LP purchased a new stake in Credo Technology Group during the 4th quarter valued at about $58,000. Finally, Plato Investment Management Ltd purchased a new stake in Credo Technology Group during the 4th quarter valued at about $61,000. Hedge funds and other 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.