Credo Technology Group (NASDAQ:CRDO) Stock Price Down 4.4% – Should You Sell?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price dropped 4.4% during mid-day trading on Monday . The company traded as low as $47.40 and last traded at $46.99. Approximately 582,969 shares changed hands during trading, a decline of 82% from the average daily volume of 3,151,454 shares. The stock had previously closed at $49.15.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of recent research reports. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Stifel Nicolaus raised their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Mizuho raised their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Bank of America reduced their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Credo Technology Group has an average rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Stock Down 6.3 %

The company’s fifty day simple moving average is $65.02 and its 200 day simple moving average is $52.92. The firm has a market capitalization of $7.48 billion, a PE ratio of -293.80 and a beta of 2.16.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $57.87, for a total value of $3,182,850.00. Following the completion of the sale, the chief technology officer now directly owns 8,213,602 shares in the company, valued at $475,321,147.74. This trade represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the transaction, the director now owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,186,706 shares of company stock worth $82,430,478 over the last three months. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $7,799,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $498,000. Mackenzie Financial Corp lifted its holdings in shares of Credo Technology Group by 395.3% during the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company’s stock valued at $2,564,000 after purchasing an additional 30,443 shares during the last quarter. Forum Financial Management LP purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $253,000. Finally, GTS Securities LLC purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $323,000. 80.46% of the stock is currently owned by hedge funds and other 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.