Credo Technology Group (NASDAQ:CRDO) Stock Price Down 6.6% – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares traded down 6.6% on Tuesday . The company traded as low as $71.58 and last traded at $72.17. 816,313 shares traded hands during trading, a decline of 67% from the average session volume of 2,447,757 shares. The stock had previously closed at $77.25.

Analysts Set New Price Targets

Several research firms recently commented on CRDO. Needham & Company LLC raised their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. TD Cowen raised their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Roth Mkm increased their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Stifel Nicolaus reissued a “buy” rating and set a $75.00 price target (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $68.60.

Credo Technology Group Price Performance

The stock’s 50-day moving average price is $48.93 and its 200 day moving average price is $36.45. The firm has a market cap of $11.11 billion, a P/E ratio of -443.07 and a beta of 2.26.

Insider Activity

In related news, Director Lip Bu Tan sold 3,799 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the completion of the sale, the director now directly owns 1,709,926 shares in the company, valued at approximately $120,943,065.98. This trade represents a 0.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the transaction, the chief executive officer now owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. The trade was a 5.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,276,120 shares of company stock worth $49,535,455 in the last quarter. Corporate insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. Allworth Financial LP raised its position in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group in the 2nd quarter valued at about $29,000. Rakuten Securities Inc. bought a new position in Credo Technology Group in the 3rd quarter valued at about $30,000. Fifth Third Bancorp lifted its position in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of 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 period. 80.46% of the stock is 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.