Credo Technology Group (NASDAQ:CRDO) Shares Gap Down After Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $31.30, but opened at $27.85. Credo Technology Group shares last traded at $27.25, with a volume of 1,197,839 shares.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $32.06, for a total transaction of $1,763,300.00. Following the completion of the transaction, the chief technology officer now directly owns 9,113,602 shares in the company, valued at approximately $292,182,080.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Analysts Set New Price Targets

Several research firms recently issued reports on CRDO. Bank of America upped their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a report on Thursday. Needham & Company LLC upped their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday. Roth Mkm lifted their price target on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday. Barclays upped their price objective on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Craig Hallum boosted their price target on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday. One analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.44.

Credo Technology Group Trading Down 14.9 %

The firm has a market capitalization of $4.40 billion, a price-to-earnings ratio of -148.06 and a beta of 2.23. The business has a 50-day moving average price of $30.63 and a two-hundred day moving average price of $24.84.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently added to or reduced their stakes in CRDO. New York State Common Retirement Fund increased its holdings in shares of Credo Technology Group by 20.9% in the 4th quarter. New York State Common Retirement Fund now owns 77,611 shares of the company’s stock worth $1,511,000 after acquiring an additional 13,408 shares during the period. Russell Investments Group Ltd. grew its holdings in Credo Technology Group by 49.2% in the 4th quarter. Russell Investments Group Ltd. now owns 337,265 shares of the company’s stock worth $6,567,000 after buying an additional 111,281 shares in the last quarter. Amalgamated Bank grew its stake in shares of Credo Technology Group by 9.7% in the fourth quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after purchasing an additional 1,454 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Credo Technology Group by 13.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock valued at $18,658,000 after purchasing an additional 111,957 shares during the period. Finally, Jump Financial LLC bought a new stake in shares of Credo Technology Group during the fourth quarter valued at about $1,377,000. 80.46% of the stock is owned by institutional investors and hedge funds.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.