Credo Technology Group (NASDAQ:CRDO) Stock Price Down 2.2% Following Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price fell 2.2% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $148.86 and last traded at $154.47. 6,825,245 shares were traded during mid-day trading, an increase of 23% from the average session volume of 5,547,412 shares. The stock had previously closed at $157.98.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $174.70, for a total value of $9,608,500.00. Following the completion of the sale, the chief technology officer owned 6,613,961 shares in the company, valued at $1,155,458,986.70. The trade was a 0.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sylvia Acevedo sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, December 5th. The shares were sold at an average price of $185.17, for a total transaction of $347,193.75. Following the transaction, the director owned 21,098 shares in the company, valued at $3,906,716.66. The trade was a 8.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRDO. Weiss Ratings reissued a “hold (c+)” rating on shares of Credo Technology Group in a research report on Monday. Roth Capital lifted their price target on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Wall Street Zen raised Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Finally, Barclays upped their target price on Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $206.85.

Credo Technology Group Stock Performance

The firm’s 50-day simple moving average is $156.63 and its 200 day simple moving average is $126.01. The company has a market cap of $27.90 billion, a P/E ratio of 135.50 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business’s quarterly revenue was up 272.1% on a year-over-year basis. During the same period last year, the company posted $0.07 EPS. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after acquiring an additional 1,739,844 shares during the period. Bank of America Corp DE raised its stake in Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares in the last quarter. Nuveen LLC bought a new position in Credo Technology Group in the 1st quarter valued at approximately $52,636,000. Rafferty Asset Management LLC bought a new position in shares of Credo Technology Group in the 3rd quarter valued at $183,553,000. Finally, Alliancebernstein L.P. boosted its stake in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

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.