Credo Technology Group (NASDAQ:CRDO) Trading Down 2.4% - Time to Sell?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s share price traded down 2.4% during trading on Monday . The stock traded as low as $42.80 and last traded at $42.64. 1,001,524 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 3,550,815 shares. The stock had previously closed at $43.68.

Analysts Set New Price Targets

Several analysts have weighed in on CRDO shares. The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Stifel Nicolaus reduced their target price on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Mizuho dropped their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Finally, Bank of America reduced their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group has an average rating of "Buy" and an average price target of $71.50.

Credo Technology Group Price Performance

The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of -287.00 and a beta of 2.30. The stock has a fifty day simple moving average of $44.24 and a 200-day simple moving average of $54.97.

Insider Buying and Selling

In other news, insider James Laufman sold 8,000 shares of the business's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the sale, the insider now directly owns 271,725 shares in the company, valued at $10,621,730.25. The trade was a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $47.29, for a total value of $2,600,950.00. Following the transaction, the chief technology officer now owns 8,103,602 shares in the company, valued at $383,219,338.58. This trade represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 518,665 shares of company stock valued at $23,306,713. Corporate insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. Kestra Investment Management LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter worth $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group during the 4th quarter valued at about $43,000. Principal Securities Inc. raised its holdings in 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 acquiring an additional 576 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Credo Technology Group in the 1st quarter worth approximately $27,000. Finally, Quarry LP purchased a new position in Credo Technology Group in the 4th quarter worth approximately $58,000. 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.