Credo Technology Group (NASDAQ:CRDO) Shares Down 5.4% Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price fell 5.4% during trading on Monday following insider selling activity. The stock traded as low as $37.41 and last traded at $38.33. 1,604,014 shares were traded during mid-day trading, a decline of 52% from the average session volume of 3,327,896 shares. The stock had previously closed at $40.51.

Specifically, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total transaction of $452,300.00. Following the sale, the chief operating officer now owns 2,802,447 shares in the company, valued at approximately $126,754,677.81. This trade represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, March 24th. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00. Following the completion of the sale, the chief technology officer now directly owns 8,048,602 shares of the company’s stock, valued at approximately $400,578,921.54. This represents a 0.68 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CRDO shares. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Bank of America dropped their price target on 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. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Craig Hallum increased 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. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Buy” and an average price target of $74.90.

Credo Technology Group Trading Down 5.3 %

The business’s 50-day simple moving average is $60.57 and its two-hundred day simple moving average is $53.92. The company has a market capitalization of $6.51 billion, a PE ratio of -255.93 and a beta of 2.16.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its position in shares of Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Bank of Montreal Can acquired a new stake in Credo Technology Group in the third quarter valued at $8,578,000. FMR LLC boosted its stake in Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares during the last quarter. Glenmede Trust Co. NA grew its holdings in Credo Technology Group by 37.3% during the 3rd quarter. Glenmede Trust Co. NA now owns 26,719 shares of the company’s stock worth $823,000 after acquiring an additional 7,260 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Credo Technology Group by 19.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,133 shares of the company’s stock worth $774,000 after purchasing an additional 4,142 shares during the last quarter. 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.