By otakuyassine3@gmail.com 
Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) shares dropped 4.1% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $68.21 and last traded at $69.08. Approximately 570,198 shares were traded during trading, a decline of 77% from the average daily volume of 2,478,663 shares. The stock had previously closed at $72.02.
Specifically, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the transaction, the chief technology officer now directly owns 8,508,602 shares in the company, valued at approximately $578,925,280.08. The trade was a 0.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Pantas Sutardja sold 21,041 shares of Credo Technology Group stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.19, for a total transaction of $1,434,785.79. Following the completion of the transaction, the director now directly owns 5,904,277 shares of the company’s stock, valued at approximately $402,612,648.63. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. In related news, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the completion of the sale, the chief operating officer now directly owns 400,000 shares in the company, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Analyst Ratings Changes
CRDO has been the topic of several research analyst reports. Barclays upped their price objective on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Craig Hallum upped 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. Susquehanna assumed coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price target (up previously from $50.00) on shares of Credo Technology Group in a research note on Tuesday, December 3rd. Finally, Mizuho raised their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $68.60.
View Our Latest Report on Credo Technology Group
Credo Technology Group Stock Down 5.7 %
The stock has a market capitalization of $11.36 billion, a P/E ratio of -453.00 and a beta of 2.26. The firm has a 50 day simple moving average of $52.82 and a two-hundred day simple moving average of $38.21.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its position in Credo Technology Group by 62.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company’s stock worth $20,913,000 after purchasing an additional 252,349 shares in the last quarter. F M Investments LLC acquired a new stake in shares of Credo Technology Group during the 2nd quarter valued at $638,000. Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in Credo Technology Group during the 2nd quarter worth $444,000. nVerses Capital LLC increased its holdings in Credo Technology Group by 2,633.3% in the 2nd quarter. nVerses Capital LLC now owns 8,200 shares of the company’s stock worth $262,000 after purchasing an additional 7,900 shares in the last quarter. Finally, Natixis Advisors LLC raised its position in Credo Technology Group by 19.2% in the second quarter. Natixis Advisors LLC now owns 27,899 shares of the company’s stock valued at $891,000 after purchasing an additional 4,501 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.
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.
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