Credo Technology Group (NASDAQ:CRDO) Shares Gap Down – What’s Next?

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CRDO. Bank of America decreased their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. TD Cowen boosted their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Mizuho upped their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Craig Hallum upped their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Barclays upped their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $74.90.

Credo Technology Group Trading Down 0.3 %

The company has a market cap of $7.87 billion, a P/E ratio of -308.93 and a beta of 2.16. The business has a 50 day moving average price of $63.41 and a 200-day moving average price of $53.06.

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the sale, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction on Monday, December 30th. The shares were sold at an average price of $69.52, for a total value of $6,952,000.00. Following the completion of the sale, the chief operating officer now owns 300,000 shares in the company, valued at approximately $20,856,000. This trade represents a 25.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,065,665 shares of company stock worth $73,051,442 in the last 90 days. Corporate insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in CRDO. Brown Brothers Harriman & Co. increased its position in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the period. Kestra Investment Management LLC bought a new position in Credo Technology Group during the 4th quarter worth $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group during the 4th quarter worth $43,000. Principal Securities Inc. increased its position in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after buying an additional 576 shares during the period. Finally, Quarry LP bought a new position in Credo Technology Group during the 4th quarter worth $58,000. Institutional investors own 80.46% of the company’s stock.

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.