Credo Technology Group (NASDAQ:CRDO) Trading Down 5.5% - Should You Sell?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price fell 5.5% during mid-day trading on Friday . The company traded as low as $60.13 and last traded at $60.29. 1,926,507 shares were traded during mid-day trading, a decline of 48% from the average session volume of 3,712,113 shares. The stock had previously closed at $63.83.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRDO. Mizuho reduced their target price 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. Bank of America dropped their price objective on shares of 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. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Barclays dropped their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Stifel Nicolaus dropped their price objective on shares of 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. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $71.50.

Credo Technology Group Stock Performance

The stock has a market cap of $10.28 billion, a PE ratio of -403.60 and a beta of 2.29. The stock has a fifty day simple moving average of $47.29 and a two-hundred day simple moving average of $57.54.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. This represents a 0.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the firm's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total value of $452,300.00. Following the transaction, the chief operating officer now owns 2,802,447 shares in the company, valued at $126,754,677.81. This trade represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 473,665 shares of company stock worth $19,795,531. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently added to or reduced their stakes in CRDO. JPMorgan Chase & Co. increased its position in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after buying an additional 909,578 shares during the period. Janney Montgomery Scott LLC acquired a new position in shares of Credo Technology Group during the fourth quarter valued at $353,000. KBC Group NV increased its holdings in shares of Credo Technology Group by 48.1% during the fourth quarter. KBC Group NV now owns 5,661 shares of the company's stock valued at $380,000 after purchasing an additional 1,839 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Credo Technology Group by 30.2% during the fourth quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock valued at $263,000 after purchasing an additional 907 shares during the period. Finally, China Universal Asset Management Co. Ltd. acquired a new position in shares of Credo Technology Group during the fourth quarter valued at $1,311,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.