Credo Technology Group (NASDAQ:CRDO) Trading Down 7.4% After Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price dropped 7.4% during mid-day trading on Monday following insider selling activity. The stock traded as low as $33.86 and last traded at $33.92. Approximately 1,162,786 shares were traded during trading, a decline of 79% from the average daily volume of 5,596,078 shares. The stock had previously closed at $36.63.

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRDO. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Bank of America cut their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Mizuho lowered their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday, April 3rd. Stifel Nicolaus decreased their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Finally, 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. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $73.50.

Credo Technology Group Price Performance

The stock has a 50-day moving average price of $47.85 and a 200-day moving average price of $54.85. The company has a market capitalization of $5.92 billion, a price-to-earnings ratio of -232.40 and a beta of 2.30.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the business. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group in the fourth quarter valued at about $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group in the 4th quarter valued at about $43,000. Principal Securities Inc. lifted its position in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after acquiring an additional 576 shares during the last quarter. Quarry LP bought a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $58,000. Finally, Plato Investment Management Ltd acquired a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $61,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.