Credo Technology Group (NASDAQ:CRDO) Stock Price Down 8.7% Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares fell 8.7% on Wednesday following insider selling activity. The stock traded as low as $45.77 and last traded at $44.92. 721,284 shares were traded during trading, a decline of 78% from the average session volume of 3,209,856 shares. The stock had previously closed at $49.18.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, March 24th. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00. Following the transaction, the chief technology officer now owns 8,048,602 shares in the company, valued at $400,578,921.54. This trade represents a 0.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Mizuho increased their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. TD Cowen boosted their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Barclays raised their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Stock Performance

The firm has a market capitalization of $7.20 billion, a P/E ratio of -282.87 and a beta of 2.16. The company has a 50-day simple moving average of $61.36 and a two-hundred day simple moving average of $53.42.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in CRDO. Brown Brothers Harriman & Co. lifted its position 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 valued at $35,000 after buying an additional 1,001 shares during the period. Kestra Investment Management LLC bought a new stake in Credo Technology Group during the fourth quarter worth about $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group in the fourth quarter worth about $43,000. Principal Securities Inc. grew its stake in shares of Credo Technology Group by 626.1% in 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. Finally, Quarry LP bought a new position in shares of Credo Technology Group during the fourth quarter valued at $58,000. 80.46% of the stock is currently 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.