Credo Technology Group (NASDAQ:CRDO) Trading Down 2.6% After Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price fell 2.6% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $36.41 and last traded at $36.76. 485,497 shares changed hands during trading, a decline of 86% from the average session volume of 3,489,561 shares. The stock had previously closed at $37.72.

Specifically, insider James Laufman sold 8,000 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00. Following the transaction, the insider now owns 271,725 shares of the company’s stock, valued at $10,621,730.25. This represents a 2.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $40.75, for a total value of $154,442.50. Following the completion of the sale, the chief financial officer now directly owns 608,602 shares of the company’s stock, valued at $24,800,531.50. The trade was a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $38.78, for a total value of $2,132,900.00. Following the transaction, the chief technology officer now owns 7,883,602 shares in the company, valued at approximately $305,726,085.56. This represents a 0.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

CRDO has been the topic of a number of research reports. Bank of America lowered their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Mizuho lowered their price objective 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. Needham & Company LLC reiterated 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 lowered their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a report on Thursday. Finally, The Goldman Sachs Group lifted their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and an average price target of $73.50.

Credo Technology Group Stock Performance

The company’s 50 day simple moving average is $50.13 and its 200 day simple moving average is $54.41. The stock has a market cap of $6.25 billion, a PE ratio of -246.31 and a beta of 2.30.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. Wealth Enhancement Advisory Services LLC purchased a new position in Credo Technology Group in the first quarter worth $301,000. Handelsbanken Fonder AB boosted its holdings in shares of Credo Technology Group by 7.3% in the 1st quarter. Handelsbanken Fonder AB now owns 35,400 shares of the company’s stock worth $1,422,000 after buying an additional 2,400 shares during the last quarter. GAMMA Investing LLC grew its position in Credo Technology Group by 103.5% during the first quarter. GAMMA Investing LLC now owns 1,982 shares of the company’s stock valued at $80,000 after buying an additional 1,008 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in Credo Technology Group during the first quarter worth about $1,759,000. Finally, Kraematon Investment Advisors Inc. bought a new stake in Credo Technology Group in the first quarter worth about $389,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.