Credo Technology Group (NASDAQ:CRDO) Shares Gap Down – What’s Next?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down prior to trading on Friday . The stock had previously closed at $46.49, but opened at $44.92. Credo Technology Group shares last traded at $45.48, with a volume of 997,579 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CRDO shares. TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Craig Hallum upped their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Bank of America cut their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and an average price target of $74.90.

Credo Technology Group Price Performance

The firm’s 50 day moving average price is $63.41 and its 200-day moving average price is $53.06. The firm has a market cap of $7.87 billion, a price-to-earnings ratio of -308.93 and a beta of 2.16.

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $69.52, for a total transaction of $6,952,000.00. Following the completion of the sale, the chief operating officer now owns 300,000 shares in the company, valued at $20,856,000. This represents a 25.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,065,665 shares of company stock worth $73,051,442 over the last 90 days. Corporate insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group in the fourth quarter valued at about $38,000. WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group in the 4th quarter valued at about $43,000. Principal Securities Inc. increased its stake in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares during the last quarter. Quarry LP bought a new stake in shares of Credo Technology Group in the 4th quarter valued at about $58,000. Finally, Plato Investment Management Ltd bought a new stake in shares of Credo Technology Group in the 4th quarter valued at about $61,000. 80.46% of the stock is owned by 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.