Credo Technology Group (NASDAQ:CRDO) Shares Gap Down – Should You Sell?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down prior to trading on Wednesday . The stock had previously closed at $73.56, but opened at $69.68. Credo Technology Group shares last traded at $73.05, with a volume of 1,259,053 shares.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CRDO shares. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price target for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Susquehanna began coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. Roth Mkm raised their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Finally, Needham & Company LLC raised their price target on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Stock Down 1.2 %

The firm’s 50 day moving average is $72.15 and its 200 day moving average is $48.48.

Insider Activity

In related news, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. 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 Credo Technology Group stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the sale, the chief technology officer now directly owns 8,618,602 shares in the company, valued at $418,605,499.14. The trade was a 0.63 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,305,679 shares of company stock valued at $89,862,242. Insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd purchased a new stake in shares of Credo Technology Group in the 3rd quarter worth about $3,948,000. Wellington Management Group LLP grew its holdings in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the period. Centiva Capital LP bought a new position in shares of Credo Technology Group during the third quarter valued at approximately $553,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after purchasing an additional 95,335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after purchasing an additional 118,169 shares during the last quarter. Institutional investors 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.