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

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRDO. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Mizuho increased their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Susquehanna started coverage on Credo Technology Group in a report on Tuesday. They set a “neutral” rating and a $80.00 price objective for the company. Barclays raised their price target on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price objective (up from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $68.60.

Credo Technology Group Trading Down 7.5 %

The company has a 50 day simple moving average of $47.59 and a 200 day simple moving average of $35.93. The stock has a market cap of $11.95 billion, a P/E ratio of -483.60 and a beta of 2.26.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $29.67, for a total value of $1,631,850.00. Following the completion of the sale, the chief technology officer now directly owns 9,003,602 shares in the company, valued at $267,136,871.34. This trade represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel W. Fleming sold 108,790 shares of Credo Technology Group stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $31.10, for a total value of $3,383,369.00. Following the completion of the sale, the chief financial officer now owns 676,386 shares in the company, valued at approximately $21,035,604.60. The trade was a 13.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,276,120 shares of company stock worth $49,535,455 over the last ninety days. 16.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Assetmark Inc. lifted its position in shares of Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after purchasing an additional 257 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in Credo Technology Group by 11.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after purchasing an additional 478 shares during the last quarter. CWM LLC lifted its position in shares of Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after buying an additional 649 shares during the last quarter. 80.46% of the stock is currently 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.