Credo Technology Group (NASDAQ:CRDO) Trading Down 13% After Analyst Downgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price was down 13% during mid-day trading on Thursday after Mizuho lowered their price target on the stock from $90.00 to $82.00. Mizuho currently has an outperform rating on the stock. Credo Technology Group traded as low as $37.32 and last traded at $37.45. Approximately 1,791,137 shares were traded during trading, a decline of 47% from the average daily volume of 3,359,453 shares. The stock had previously closed at $43.04.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC reissued a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Barclays boosted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Bank of America lowered their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $74.60.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the transaction, the director now directly owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. The trade was a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the sale, the chief operating officer now directly owns 2,802,447 shares of the company’s stock, valued at $126,754,677.81. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 970,665 shares of company stock valued at $65,135,892 over the last quarter. Corporate insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its stake in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the period. Geode Capital Management LLC increased its stake in Credo Technology Group by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock worth $222,884,000 after purchasing an additional 138,686 shares in the last quarter. Wellington Management Group LLP raised its holdings in Credo Technology Group by 32.7% during the 3rd 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 period. Finally, Principal Financial Group Inc. raised its holdings in Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after buying an additional 368,518 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Down 12.6 %

The business’s 50 day simple moving average is $58.13 and its 200 day simple moving average is $54.03. The company has a market capitalization of $6.39 billion, a PE ratio of -250.87 and a beta of 2.16.

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.