Credo Technology Group (NASDAQ:CRDO) Stock Price Down 4.7% – Should You Sell?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded down 4.7% during mid-day trading on Wednesday . The company traded as low as $119.38 and last traded at $128.40. 9,851,587 shares traded hands during mid-day trading, an increase of 35% from the average session volume of 7,285,888 shares. The stock had previously closed at $134.72.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several recent research reports. Rosenblatt Securities assumed coverage on shares of Credo Technology Group in a research report on Wednesday, January 21st. They set a “neutral” rating and a $170.00 target price on the stock. Barclays reaffirmed an “overweight” rating and set a $260.00 price objective on shares of Credo Technology Group in a report on Thursday, January 15th. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Susquehanna raised their target price on Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, October 22nd. Finally, TD Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $212.69.

Credo Technology Group Price Performance

The stock’s 50 day simple moving average is $139.52 and its two-hundred day simple moving average is $142.77. The company has a market capitalization of $21.94 billion, a P/E ratio of 106.82 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same quarter last year, the business posted $0.07 earnings per share. Credo Technology Group’s revenue for the quarter was up 272.1% compared to the same quarter last year. As a group, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $128.67, for a total transaction of $241,256.25. Following the transaction, the director owned 5,892,034 shares of the company’s stock, valued at $758,128,014.78. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.37, for a total value of $3,502,675.00. Following the completion of the transaction, the chief technology officer owned 6,299,870 shares in the company, valued at approximately $802,414,441.90. This represents a 0.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 917,976 shares of company stock valued at $136,567,647 over the last quarter. 11.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the business. Atlantic Union Bankshares Corp bought a new position in Credo Technology Group in the third quarter valued at approximately $25,000. Crewe Advisors LLC lifted its stake in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the period. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group in the 4th quarter worth $25,000. First Horizon Corp acquired a new stake in shares of Credo Technology Group during the third quarter worth $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Credo Technology Group in the second quarter valued at about $27,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.