Credo Technology Group (NASDAQ:CRDO) Stock Price Down 9.4% After Analyst Downgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price fell 9.4% on Thursday after Bank of America lowered their price target on the stock from $83.00 to $75.00. Bank of America currently has a buy rating on the stock. Credo Technology Group traded as low as $39.88 and last traded at $42.33. 2,053,113 shares traded hands during trading, a decline of 32% from the average session volume of 3,023,708 shares. The stock had previously closed at $46.73.

CRDO has been the subject of a number of other research reports. TD Cowen increased 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. Susquehanna decreased their price target on shares of Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating for the company in a research note on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, Mizuho upped their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.90.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. This trade represents a 0.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total transaction of $265,034.70. Following the transaction, the chief financial officer now owns 652,666 shares of the company’s stock, valued at $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,190,496 shares of company stock worth $82,695,512. 16.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently modified their holdings of CRDO. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group during the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. increased its stake in Credo Technology Group by 695.1% during the third 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 during the last quarter. Kestra Investment Management LLC acquired a new stake in Credo Technology Group during the fourth quarter worth about $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group during the fourth quarter worth about $43,000. Finally, Principal Securities Inc. increased its stake 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 acquiring an additional 576 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Down 6.5 %

The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of -290.52 and a beta of 2.09. The company has a 50 day simple moving average of $69.80 and a 200 day simple moving average of $52.16.

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.