Credo Technology Group (NASDAQ:CRDO) Shares Down 3.2% on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) traded down 3.2% on Friday following insider selling activity. The stock traded as low as $36.16 and last traded at $36.52. 2,408,216 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 3,502,990 shares. The stock had previously closed at $37.72.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $37.29, for a total transaction of $2,050,950.00. Following the transaction, the chief technology officer now directly owns 7,828,602 shares in the company, valued at approximately $291,928,568.58. The trade was a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Laufman sold 8,000 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00. Following the completion of the sale, the insider now owns 271,725 shares of the company’s stock, valued at approximately $10,621,730.25. This represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. In other news, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $40.75, for a total value of $154,442.50. Following the sale, the chief financial officer now directly owns 608,602 shares of the company’s stock, valued at approximately $24,800,531.50. This represents a 0.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Barclays boosted their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Mizuho cut their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Bank of America decreased their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Finally, Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $73.50.

Credo Technology Group Trading Down 3.2 %

The stock’s 50-day simple moving average is $48.58 and its 200-day simple moving average is $54.50. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of -243.47 and a beta of 2.30.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group during the 4th quarter valued at $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group during the fourth quarter worth about $43,000. Principal Securities Inc. raised its position in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares in the last quarter. Quarry LP acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $58,000. Finally, Plato Investment Management Ltd acquired a new position in Credo Technology Group during the fourth quarter valued at approximately $61,000. Institutional investors and hedge funds 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.