Credo Technology Group (NASDAQ:CRDO) Shares Down 4.6% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price fell 4.6% during trading on Tuesday . The company traded as low as $98.21 and last traded at $100.30. 6,225,992 shares traded hands during trading, a decline of 15% from the average session volume of 7,293,610 shares. The stock had previously closed at $105.10.

Wall Street Analyst Weigh In

CRDO has been the topic of several research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Craig Hallum reaffirmed a “buy” rating and set a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. New Street Research set a $240.00 price objective on Credo Technology Group in a research report on Tuesday, December 2nd. Mizuho dropped their target price on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. Finally, Susquehanna cut their price target on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research note on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $206.33.

Credo Technology Group Stock Down 4.6%

The firm has a market capitalization of $18.50 billion, a price-to-earnings ratio of 55.72 and a beta of 2.67. The company’s fifty day moving average is $122.28 and its two-hundred day moving average is $142.48.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The business had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same period in the previous year, the firm earned $0.25 earnings per share. The firm’s quarterly revenue was up 201.5% compared to the same quarter last year. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Activity

In related news, CEO William Joseph Brennan sold 18,016 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $2,120,122.88. Following the sale, the chief executive officer directly owned 234,609 shares in the company, valued at $27,608,787.12. This trade represents a 7.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group 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 directly owned 5,892,034 shares in the company, valued at approximately $758,128,014.78. This represents a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 436,101 shares of company stock valued at $57,510,645 in the last ninety days. 11.84% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

A number of large investors have recently bought and sold shares of CRDO. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the 3rd quarter worth approximately $25,000. Crewe Advisors LLC boosted its holdings in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after buying an additional 106 shares during the period. Reflection Asset Management bought a new stake in shares of Credo Technology Group during the fourth quarter worth $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $25,000. Finally, First Horizon Corp acquired a new stake in shares of Credo Technology Group during the third quarter worth $26,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Company Profile

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.