Credo Technology Group (NASDAQ:CRDO) Shares Gap Down – Here’s Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price gapped down prior to trading on Monday . The stock had previously closed at $80.47, but opened at $68.26. Credo Technology Group shares last traded at $64.20, with a volume of 5,041,164 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CRDO. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research 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 note on Tuesday, December 3rd. Stifel Nicolaus raised their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Mizuho increased their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Finally, Barclays raised their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Trading Down 24.5 %

The business’s fifty day moving average price is $66.70 and its 200-day moving average price is $44.95. The company has a market capitalization of $10.17 billion, a P/E ratio of -406.11 and a beta of 2.11.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.48, for a total transaction of $606,193.92. Following the completion of the sale, the chief financial officer now directly owns 656,456 shares in the company, valued at $31,824,986.88. This represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.57, for a total value of $2,671,350.00. Following the completion of the transaction, the chief technology officer now owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. This represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,203,804 shares of company stock valued at $83,293,192 over the last 90 days. Insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP lifted its position in 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 last quarter. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group in the third quarter worth $30,000. Brown Brothers Harriman & Co. raised its holdings in Credo Technology Group by 695.1% during the 3rd 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 last quarter. Larson Financial Group LLC boosted its position in Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after buying an additional 1,399 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares during the last quarter. 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.