Credo Technology Group (NASDAQ:CRDO) Stock Price Down 8.9% – Should You Sell?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price fell 8.9% during trading on Monday . The stock traded as low as $60.00 and last traded at $60.86. 2,631,097 shares changed hands during trading, a decline of 49% from the average session volume of 5,120,959 shares. The stock had previously closed at $66.78.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Needham & Company LLC raised their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna initiated coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective for the company. Mizuho lifted their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Finally, TD Cowen raised their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Trading Up 7.5 %

The firm has a fifty day moving average price of $71.66 and a 200 day moving average price of $51.30. The firm has a market cap of $10.24 billion, a PE ratio of -408.33 and a beta of 2.09.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the transaction, the director now directly owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel W. Fleming sold 12,504 shares of Credo Technology Group stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the sale, the chief financial officer now owns 656,456 shares in the company, valued at $31,824,986.88. This represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,305,679 shares of company stock worth $89,862,242. Insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in CRDO. Allworth Financial LP lifted its stake in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Credo Technology Group during the 3rd quarter worth about $30,000. Brown Brothers Harriman & Co. lifted its stake 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 acquiring an additional 1,001 shares in the last quarter. Kestra Investment Management LLC purchased a new position in Credo Technology Group during the 4th quarter valued at about $38,000. Finally, WASHINGTON TRUST Co acquired a new position in Credo Technology Group in the 4th quarter valued at about $43,000. 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.