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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares 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.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CRDO shares. Mizuho lifted their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Susquehanna started coverage on Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target for the company. The Goldman Sachs Group lifted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Roth Mkm lifted their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Barclays lifted their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Stock Down 0.2 %

The company’s fifty day simple moving average is $72.05 and its 200 day simple moving average is $48.00. The firm has a market capitalization of $12.27 billion, a PE ratio of -490.33 and a beta of 2.09.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. This represents a 0.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the transaction, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,305,679 shares of company stock valued at $89,862,242. Company insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently modified their holdings of the company. Swedbank AB raised its position in 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 last quarter. Norges Bank purchased a new position in Credo Technology Group during the 4th quarter worth approximately $117,242,000. Point72 Asset Management L.P. raised its position in 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. FMR LLC raised its position in Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after buying an additional 1,013,789 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in 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 buying an additional 909,578 shares during the last quarter. 80.46% of the stock is currently owned by 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.