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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down prior to trading 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.

CRDO has been the subject of several other reports. Stifel Nicolaus increased their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Mizuho raised their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday. TD Cowen increased their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Craig Hallum upped 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 note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $75.40.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the completion of the transaction, the chief operating officer now directly owns 400,000 shares in the company, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.04, for a total value of $3,742,200.00. Following the completion of the sale, the chief technology officer now directly owns 8,508,602 shares of the company’s stock, valued at approximately $578,925,280.08. This represents a 0.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,338,175 shares of company stock worth $92,697,698. Insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CRDO. Swedbank AB lifted its stake in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Norges Bank bought a new position in shares of Credo Technology Group in the 4th quarter worth about $117,242,000. Point72 Asset Management L.P. boosted its holdings in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after buying an additional 1,660,230 shares during the period. Alliancebernstein L.P. grew its position in shares of Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after buying an additional 1,305,594 shares during the last quarter. Finally, Polar Capital Holdings Plc raised its stake in Credo Technology Group by 382.1% during the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after acquiring an additional 1,150,084 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

The stock’s fifty day simple moving average is $70.29 and its 200-day simple moving average is $52.20. The stock has a market cap of $7.42 billion, a P/E ratio of -296.53 and a beta of 2.09.

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.