Credo Technology Group Holding Ltd (CRDO) may enjoy gains as insiders got busy in the recent days


Credo Technology Group Holding Ltd’s recent filing unveils that its Chief Technology Officer Cheng Chi Fung unloaded Company’s shares for reported $0.74 million on Feb 09. In the deal valued at $18.59 per share,40,000 shares were sold. As a result of this transaction, Cheng Chi Fung now holds 680,000 shares worth roughly $ 7.15 million.

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Then, Cheng Chi Fung sold 40,000 shares, generating $743,536 in total proceeds. Upon selling the shares at $18.59, the Chief Technology Officer now owns 11,288,602 shares.

Before that, Lam Yat Tung sold 150,000 shares. Credo Technology Group Holding Ltd shares valued at $2,756,855 were divested by the Chief Operating Officer at a price of $18.38 per share. As a result of the transaction, Lam Yat Tung now holds 3,470,000 shares, worth roughly $36.47 million.

Needham reiterated its Credo Technology Group Holding Ltd [CRDO] rating to a Buy in a research note published on Friday, February 15, 2023; the price target was $15. PT values the company’s stock at a premium of 29.93 to its Friday closing price. A number of analysts have revised their coverage, including Cowen’s analysts, who decreased its forecast for the stock in mid February from “an Outperform” to “a Market perform”. BofA Securities also remained covering CRDO and has decreased its forecast on February 15, 2023 with a “an Underperform” recommendation from previously “Buy” rating.

Price Performance Review of CRDO

On Friday, Credo Technology Group Holding Ltd [NASDAQ:CRDO] saw its stock jump 3.85% to $10.51. On the same session, the stock had its day’s lowest price of $9.81, but rose to a high of $10.53. Over the last five days, the stock has gained 3.04%. Credo Technology Group Holding Ltd shares have fallen nearly -21.04% since the year began. Nevertheless, the stocks have fallen -30.49% over the past one year. While a 52-week high of $19.46 was reached on 02/14/23, a 52-week low of $8.61 was recorded on 02/21/23. SMA at 50 days reached $14.58, while 200 days put it at $13.21. A total of 2.22 million shares were traded, compared to the trading of 1.94 million shares in the previous session.

Levels Of Support And Resistance For CRDO Stock

The 24-hour chart illustrates a support level at 10.04, which if violated will result in even more drops to 9.56. On the upside, there is a resistance level at 10.76. A further resistance level may holdings at 11.00. The Relative Strength Index (RSI) on the 14-day chart is 31.30, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -4.19, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 88.53%. Stochastics %K at 8.21% indicates the stock is a buying.

How much short interest is there in Credo Technology Group Holding Ltd?

A steep rise in short interest was recorded in Credo Technology Group Holding Ltd stocks on Jan 30, 2023, growing by 40000.0 shares to a total of 8.09 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 8.05 million shares. There was a rise of 0.49%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 8.31% of the overall stock float, the days-to-cover ratio (short ratio) rose to 5.49.

Credo Technology Group Holding Ltd [CRDO] – Who Are The Largest Shareholders?

In filings from Capital Research & Management Co, it is revealed that the company now owns 8,750,082 shares, or roughly 5.96% of the outstanding CRDO shares. Additionally, The Vanguard Group, Inc. increased 9.54% of its stake after which the total value it holdings stand at $128,027,697, while BlackRock Fund Advisors added 355.61% of its stake to hold $98.47 million in the firm. Over the last quarter, BlackRock Advisors LLC purchased 4,314,284 shares of Credo Technology Group Holding Ltd, while SSgA Funds Management, Inc. bought 986,347 shares. At present, Point72 Asset Management LP is holding 3,813,700 shares valued at $66.09 million. Hood River Capital Management LLC owned 3,089,199 shares of the company at the time of its most recent 13F filing, worth $53.54 million.

According to FactSet, Credo Technology Group Holding Ltd’s share price will average $13.88 in the next year, based on opinions of analysts polled by the firm. This is up nearly 38.34 percent from its previous closing price of $10.12. Analysts expect Credo Technology Group Holding Ltd stock to reach the higher price of $16.00, while the lowest price estimate is $11.00. However, 8 analysts have rated CRDO stock as an Overweight in their predictions for 2023.


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