Credo Technology Group (NASDAQ:CRDO) Shares Down 7% Following Insider Selling

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) traded down 7% during mid-day trading on Monday following insider selling activity. The stock traded as low as $68.33 and last traded at $69.04. 1,844,408 shares were traded during trading, a decline of 23% from the average session volume of 2,388,127 shares. The stock had previously closed at $74.23.

Specifically, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the sale, the chief executive officer now owns 2,370,858 shares in the company, valued at $160,388,543.70. The trade was a 5.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lip Bu Tan sold 3,799 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total transaction of $268,703.27. Following the completion of the transaction, the director now owns 1,709,926 shares in the company, valued at $120,943,065.98. This represents a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Credo Technology Group news, CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction on 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 owns 656,456 shares in the company, valued at approximately $31,824,986.88. The trade was a 1.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Mizuho upped their price target on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Craig Hallum boosted their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and a consensus target price of $67.33.

Credo Technology Group Stock Performance

The stock has a fifty day simple moving average of $44.29 and a 200-day simple moving average of $34.49. The stock has a market cap of $11.08 billion, a P/E ratio of -441.73 and a beta of 2.26.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Point72 Hong Kong Ltd acquired a new position in Credo Technology Group during the 3rd quarter worth approximately $3,948,000. Charles Schwab Investment Management Inc. lifted its position in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Centiva Capital LP acquired a new position in Credo Technology Group during the third quarter worth $553,000. Los Angeles Capital Management LLC bought a new position in Credo Technology Group in the third quarter valued at $565,000. Finally, Principal Financial Group Inc. increased its stake in Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after buying an additional 368,518 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Company Profile

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.