Credo Technology Group (NASDAQ:CRDO) Stock Price Down 8.9% – Time to Sell?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares dropped 8.9% during mid-day trading on Monday . The company traded as low as $60.00 and last traded at $60.86. Approximately 2,631,097 shares changed hands during trading, a decline of 49% from the average daily volume of 5,120,959 shares. The stock had previously closed at $66.78.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CRDO shares. The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Needham & Company LLC upped their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Craig Hallum lifted their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. TD Cowen upped their target price 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. Finally, 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 research report on Friday, January 17th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus price target of $76.40.

Credo Technology Group Stock Down 4.8 %

The stock has a market capitalization of $10.63 billion, a P/E ratio of -428.38 and a beta of 2.09. The stock’s 50 day moving average price is $72.26 and its 200-day moving average price is $50.86.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 12,504 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the transaction, the chief financial officer now directly owns 656,456 shares in the company, valued at approximately $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. The trade was a 0.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in the business. Point72 Hong Kong Ltd purchased a new stake in Credo Technology Group in the third quarter valued at about $3,948,000. Wellington Management Group LLP raised its holdings in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares during the last quarter. Centiva Capital LP purchased a new position in shares of Credo Technology Group in the third quarter worth $553,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after buying an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Credo Technology Group by 94.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after acquiring an additional 118,169 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

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.