Credo Technology Group (NASDAQ:CRDO) Shares Gap Down – Here’s What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $60.13, but opened at $57.23. Credo Technology Group shares last traded at $59.90, with a volume of 501,541 shares trading hands.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Mizuho dropped their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Bank of America dropped their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Stifel Nicolaus dropped their target price on Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Barclays dropped their target price on Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Finally, Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $71.50.

Credo Technology Group Trading Up 0.8%

The firm has a market capitalization of $10.29 billion, a PE ratio of -404.17 and a beta of 2.29. The business has a fifty day moving average price of $44.34 and a two-hundred day moving average price of $56.30.

Insider Transactions at Credo Technology Group

In related news, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the completion of the transaction, the chief operating officer now directly owns 1,000,000 shares in the company, valued at $61,130,000. This trade represents a 9.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $48.02, for a total value of $2,641,100.00. Following the transaction, the chief technology officer now owns 7,663,602 shares of the company’s stock, valued at $368,006,168.04. This trade represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 573,665 shares of company stock worth $25,908,531. 16.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of CRDO. JPMorgan Chase & Co. boosted its holdings in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the period. HB Wealth Management LLC purchased a new position in Credo Technology Group during the 4th quarter valued at about $262,000. Oak Ridge Investments LLC purchased a new position in Credo Technology Group during the 4th quarter valued at about $3,399,000. Nisa Investment Advisors LLC boosted its holdings in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after acquiring an additional 255 shares during the period. Finally, Finley Financial LLC purchased a new position in Credo Technology Group during the 4th quarter valued at about $173,000. 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.