Credo Technology Group (NASDAQ:CRDO) Shares Gap Down – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $60.13, but opened at $57.23. Credo Technology Group shares last traded at $59.90, with a volume of 501,541 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CRDO. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Barclays reduced their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Bank of America cut their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Finally, Stifel Nicolaus dropped their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $71.50.

Credo Technology Group Price Performance

The stock has a market cap of $10.55 billion, a price-to-earnings ratio of -414.07 and a beta of 2.29. The firm has a 50 day simple moving average of $44.97 and a two-hundred day simple moving average of $56.49.

Insider Activity

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $46.01, for a total value of $86,268.75. Following the sale, the director now directly owns 5,900,527 shares in the company, valued at approximately $271,483,247.27. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, March 17th. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the transaction, the chief technology officer now directly owns 8,103,602 shares in the company, valued at approximately $383,219,338.58. This represents a 0.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 573,665 shares of company stock valued at $25,908,531 in the last ninety days. 16.04% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Proficio Capital Partners LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at about $700,000. Pacer Advisors Inc. boosted its holdings in shares of Credo Technology Group by 30.2% in the fourth quarter. Pacer Advisors Inc. now owns 3,906 shares of the company’s stock valued at $263,000 after buying an additional 907 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Credo Technology Group by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company’s stock worth $79,289,000 after acquiring an additional 43,169 shares during the period. Vontobel Holding Ltd. lifted its position in Credo Technology Group by 3.4% in the 4th quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company’s stock valued at $1,316,000 after acquiring an additional 635 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Credo Technology Group by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company’s stock worth $37,798,000 after purchasing an additional 36,949 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

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.