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

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price dropped 4.8% during trading on Monday after an insider sold shares in the company. The stock traded as low as $20.40 and last traded at $20.41. Approximately 567,606 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 2,148,518 shares. The stock had previously closed at $21.44.

Specifically, COO Yat Tung Lam sold 270,980 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of $19.14, for a total value of $5,186,557.20. Following the completion of the sale, the chief operating officer now directly owns 2,320,000 shares in the company, valued at $44,404,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Yat Tung Lam sold 270,980 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of $19.14, for a total value of $5,186,557.20. Following the completion of the sale, the chief operating officer now directly owns 2,320,000 shares in the company, valued at $44,404,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $19.31, for a total value of $289,650.00. Following the completion of the sale, the chief executive officer now owns 3,202,500 shares of the company’s stock, valued at $61,840,275. The disclosure for this sale can be found here. Insiders sold 2,087,198 shares of company stock worth $45,233,664 over the last ninety days. Corporate insiders own 23.89% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on CRDO shares. Craig Hallum increased their price objective on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday. Mizuho reiterated a “buy” rating and issued a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. The Goldman Sachs Group increased their price objective on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Needham & Company LLC increased their price objective on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Finally, TD Cowen increased their price objective on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 28th. One investment 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. According to MarketBeat, Credo Technology Group presently has an average 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 released its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping 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 business had revenue of $53.06 million during the quarter, compared to analyst estimates of $51.91 million. During the same period last year, the business posted $0.02 earnings per share. The company’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, equities research analysts predict that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.

Institutional Trading of Credo Technology Group

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada acquired a new stake in Credo Technology Group in the first quarter valued at $26,000. Ameritas Investment Partners Inc. acquired a new stake in Credo Technology Group in the first quarter valued at $26,000. Advisors Asset Management Inc. grew its holdings in shares of Credo Technology Group by 295.9% during the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after purchasing an additional 1,376 shares during the last quarter. Altshuler Shaham Ltd purchased a new position in shares of Credo Technology Group during the fourth quarter worth about $40,000. Finally, KBC Group NV purchased a new position in shares of Credo Technology Group during the fourth quarter worth about $43,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.