Credo Technology Group (NASDAQ:CRDO) Shares Down 4.8% Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price dropped 4.8% on Monday after an insider sold shares in the company. The stock traded as low as $20.40 and last traded at $20.41. Approximately 567,606 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 2,148,518 shares. The stock had previously closed at $21.44.

Specifically, COO Yat Tung Lam sold 270,980 shares of the firm’s stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $19.14, for a total transaction of $5,186,557.20. Following the transaction, the chief operating officer now owns 2,320,000 shares in the company, valued at approximately $44,404,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $19.31, for a total value of $289,650.00. Following the transaction, the chief executive officer now owns 3,202,500 shares in the company, valued at approximately $61,840,275. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 270,980 shares of Credo Technology Group stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $19.14, for a total transaction of $5,186,557.20. Following the completion of the transaction, the chief operating officer now owns 2,320,000 shares in the company, valued at approximately $44,404,800. The disclosure for this sale can be found here. Insiders sold 2,087,198 shares of company stock valued at $45,233,664 in the last quarter. Company insiders own 23.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Mizuho reaffirmed a “buy” rating and set a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Craig Hallum upped their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday. Finally, TD Cowen upped their price objective on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.25.

Credo Technology Group Stock Down 0.5 %

The firm’s 50 day simple moving average is $21.53 and its two-hundred day simple moving average is $19.16.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. The business had revenue of $53.06 million during the quarter, compared to analysts’ expectations of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The business’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.02 EPS. Equities analysts expect that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada bought a new stake in Credo Technology Group during the 1st quarter worth approximately $26,000. Ameritas Investment Partners Inc. bought a new stake in Credo Technology Group during the 1st quarter worth approximately $26,000. Advisors Asset Management Inc. grew its holdings in Credo Technology Group by 295.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after acquiring an additional 1,376 shares during the last quarter. Altshuler Shaham Ltd bought a new stake in Credo Technology Group during the 4th quarter worth approximately $40,000. Finally, KBC Group NV bought a new stake in shares of Credo Technology Group in the 4th quarter valued at $43,000. 80.46% of the stock is owned by institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.