Credo Technology Group Holding Ltd [CRDO] stock for 102,188 USD was sold by Thorngate-Gottlund Adam

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Credo Technology Group Holding Ltd shares valued at $102,188 were sold by Thorngate-Gottlund Adam on Sep 09. At $12.59 per share, Thorngate-Gottlund Adam sold 8,115 shares. The insider’s holdings dropped to 264,730 shares worth approximately $3.13 million following the completion of this transaction.

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Also, Thorngate-Gottlund Adam sold 1,560 shares, netting a total of over 19,830 in proceeds. Following the sale of shares at $12.71 each, the insider now holds 272,845 shares.

Before that, Fleming Daniel W. had sold 6,175 shares from its account. In a trade valued at $79,867, the Chief Financial Officer traded Credo Technology Group Holding Ltd shares for $12.93 each. Upon closing the transaction, the insider’s holdings decreased to 6,175 shares, worth approximately $6.44 million.

Analyzing CRDO’s Price Performance

On Wednesday, Credo Technology Group Holding Ltd [NASDAQ: CRDO] plunged -0.42% to $11.84. The stock’s lowest price that day was $11.63, but it reached a high of $12.25 in the same session. During the last five days, there has been a drop of approximately -8.64%. Over the course of the year, Credo Technology Group Holding Ltd shares have jumped approximately 1.63%. Nevertheless, trading volume fell to 1.03 million shares from 1.9 million shares the previous day.

Support And Resistance Levels for Credo Technology Group Holding Ltd (CRDO)

According to the 24-hour chart, there is a support level at 11.56, which, if violated, would cause prices to drop to 11.29. In the upper region, resistance lies at 12.18. The next price resistance is at 12.53. RSI (Relative Strength Index) is 34.83 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.67, which suggests the price will decrease in the coming days. Percent R is at 84.00%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Credo Technology Group Holding Ltd subject to short interest?

Stocks of Credo Technology Group Holding Ltd saw a sharp rise in short interest on Jul 14, 2022 jumping by 1.33 million shares to 7.09 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 5.76 million shares. A jump of 18.76% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 16.1 of the overall float, the days-to-cover ratio (short ratio) jumped to 16.1.

Which companies own the most shares of Credo Technology Group Holding Ltd (CRDO)?

According to Capital Research & Management Co filings, the company currently owns 8,750,082 shares, which is about 6.02% of the total CRDO shares outstanding. With the completion of the sale transaction, MassAve Global, Inc.’s stake is now worth $37,739,783. Hood River Capital Management LLC acquire a 1,156.34% interest valued at $34.66 million while BlackRock Investment Management purchased a 225,423 stake. A total of -29,175 shares of Credo Technology Group Holding Ltd were bought by The Vanguard Group, Inc. during the quarter, and 1,801,968 by Point72 Asset Management LP. In its current portfolio, Principal Global Investors LLC holds 1,534,560 shares valued at $21.16 million.

In terms of Credo Technology Group Holding Ltd share price expectations, FactSet research, analysts set an average price target of $18.00 in the next 12 months, up nearly 51.39% from the previous closing price of $11.89. Analysts anticipate Credo Technology Group Holding Ltd stock to reach $20.00 by 2022, with the lowest price target being $15.00. In spite of this, 8 analysts ranked Credo Technology Group Holding Ltd stock as a Buy at the end of 2022.


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