Credo Technology Group (NASDAQ:CRDO) Stock Price Down 9.4% After Analyst Downgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO) traded down 9.4% during mid-day trading on Thursday after Bank of America lowered their price target on the stock from $83.00 to $75.00. Bank of America currently has a buy rating on the stock. Credo Technology Group traded as low as $39.88 and last traded at $42.33. 2,053,113 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 3,023,708 shares. The stock had previously closed at $46.73.

Other research analysts have also recently issued research reports about the stock. Mizuho raised their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Needham & Company LLC reissued a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a report on Wednesday. Finally, Barclays lifted their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.90.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the sale, the chief operating officer now directly owns 400,000 shares of the company’s stock, valued at $27,212,000. This represents a 20.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the sale, the chief financial officer now directly owns 652,666 shares in the company, valued at approximately $45,640,933.38. The trade was a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,190,496 shares of company stock valued at $82,695,512 in the last ninety days. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Creative Planning acquired a new position in Credo Technology Group during the 3rd quarter worth approximately $359,000. US Bancorp DE grew its holdings in Credo Technology Group by 4.2% during the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after acquiring an additional 649 shares in the last quarter. Hanseatic Management Services Inc. acquired a new position in Credo Technology Group during the 3rd quarter worth approximately $578,000. Principal Financial Group Inc. boosted its holdings in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after buying an additional 368,518 shares in the last quarter. Finally, Assetmark Inc. boosted its holdings in shares of Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after buying an additional 257 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Trading Down 6.5 %

The firm’s fifty day moving average price is $69.80 and its 200-day moving average price is $52.16. The firm has a market cap of $7.31 billion, a price-to-earnings ratio of -290.52 and a beta of 2.09.

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.