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 after an insider sold shares in the company. 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 changing hands.

Specifically, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction on 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 transaction, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at $165,750,927.86. This trade represents a 3.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $57.87, for a total value of $3,182,850.00. Following the sale, the chief technology officer now directly owns 8,213,602 shares in the company, valued at $475,321,147.74. The trade was a 0.67 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several brokerages have issued reports on CRDO. Stifel Nicolaus increased their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group increased their target price 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. 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. Roth Mkm increased their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Craig Hallum raised their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Stock Down 2.0 %

The firm has a market cap of $11.48 billion, a P/E ratio of -452.19 and a beta of 2.09. The firm has a fifty day moving average of $68.45 and a 200-day moving average of $46.00.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its stake in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares during the period. Point72 Asset Management L.P. lifted its stake in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares during the last quarter. Swedbank AB boosted its holdings in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the period. Geode Capital Management LLC raised its holdings in Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after acquiring an additional 170,412 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the last quarter. Institutional investors and hedge funds 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.