Credo Technology Group (NASDAQ:CRDO) Trading Down 8.7% – Time to Sell?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares traded down 8.7% on Wednesday . The stock traded as low as $45.77 and last traded at $44.92. 721,284 shares were traded during mid-day trading, a decline of 78% from the average session volume of 3,209,856 shares. The stock had previously closed at $49.18.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRDO. TD Cowen upped their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. The Goldman Sachs Group raised their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. 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.com, the stock presently has an average rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Stock Performance

The company has a market cap of $7.69 billion, a price-to-earnings ratio of -302.96 and a beta of 2.16. The company’s fifty day moving average is $62.64 and its two-hundred day moving average is $53.56.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the company’s 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 sale, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction dated 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 sale, the chief operating officer now owns 300,000 shares in the company, valued at $20,856,000. This trade represents a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,065,665 shares of company stock worth $73,051,442 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently modified their holdings of the business. Brown Brothers Harriman & Co. increased its holdings in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group during the 4th quarter worth $38,000. WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group during the 4th quarter valued at about $43,000. Principal Securities Inc. grew its holdings in shares of Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the period. Finally, Quarry LP acquired a new stake in Credo Technology Group during the fourth quarter worth about $58,000. Hedge funds and other institutional investors 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.