Credo Technology Group (NASDAQ:CRDO) Stock Price Down 4.8% After Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares fell 4.8% during trading on Monday following insider selling activity. The stock traded as low as $20.40 and last traded at $20.41. 567,606 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 2,148,518 shares. The stock had previously closed at $21.44.

Specifically, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $22.03, for a total value of $327,872.49. Following the completion of the transaction, the general counsel now owns 218,249 shares of the company’s stock, valued at $4,808,025.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $22.03, for a total value of $327,872.49. Following the sale, the general counsel now directly owns 218,249 shares in the company, valued at $4,808,025.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $21.62, for a total value of $1,297,200.00. Following the completion of the sale, the chief technology officer now owns 10,648,602 shares in the company, valued at $230,222,775.24. The disclosure for this sale can be found here. Insiders sold 2,087,198 shares of company stock valued at $45,233,664 over the last quarter. 23.89% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CRDO. Needham & Company LLC increased their price target on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Mizuho restated a “buy” rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. The Goldman Sachs Group increased their price target on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Craig Hallum increased their price target on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. Finally, TD Cowen increased their target price on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.25.

Credo Technology Group Stock Performance

The firm has a 50-day moving average price of $21.53 and a 200-day moving average price of $19.16.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The firm had revenue of $53.06 million during the quarter, compared to analyst estimates of $51.91 million. During the same period last year, the firm posted $0.02 EPS. The business’s revenue was down 2.2% compared to the same quarter last year. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. Envestnet Asset Management Inc. bought a new position in shares of Credo Technology Group during the 1st quarter worth $332,000. JPMorgan Chase & Co. bought a new position in shares of Credo Technology Group during the 1st quarter worth $205,000. Bank of New York Mellon Corp bought a new position in shares of Credo Technology Group during the 1st quarter worth $1,748,000. BlackRock Inc. bought a new position in shares of Credo Technology Group during the 1st quarter worth $48,844,000. Finally, Vanguard Group Inc. bought a new position in shares of Credo Technology Group during the 1st quarter worth $29,191,000. Institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.