Credo Technology Group (NASDAQ:CRDO) Stock Price Down 7.4% on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price dropped 7.4% during mid-day trading on Monday following insider selling activity. The company traded as low as $33.86 and last traded at $33.92. Approximately 1,162,786 shares changed hands during mid-day 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 Credo Technology Group stock in a transaction dated 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 sale, the chief technology officer now owns 7,828,602 shares of the company's stock, valued at approximately $291,928,568.58. The trade was a 0.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Laufman sold 8,000 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the transaction, the insider now directly owns 271,725 shares of the company's stock, valued at $10,621,730.25. This trade represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the transaction, the chief financial officer now owns 608,602 shares of the company's stock, valued at $24,800,531.50. The trade was a 0.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

A number of equities analysts recently 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 report on Friday, January 10th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Barclays reduced their price target on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday. Stifel Nicolaus lowered their price target on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Bank of America cut their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of "Buy" and a consensus target price of $71.50.

Credo Technology Group Stock Performance

The stock has a market capitalization of $7.42 billion, a price-to-earnings ratio of -291.20 and a beta of 2.30. The business has a fifty day simple moving average of $46.01 and a 200 day simple moving average of $54.69.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Kestra Investment Management LLC bought a new stake in Credo Technology Group in the 4th quarter valued at about $38,000. WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $43,000. Principal Securities Inc. grew 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 buying an additional 576 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Credo Technology Group during the 1st quarter worth $27,000. Finally, Quarry LP acquired a new position in Credo Technology Group in the 4th quarter valued at $58,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.