Credo Technology Group (NASDAQ:CRDO) Trading Down 5% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares fell 5% during mid-day trading on Thursday . The company traded as low as $185.70 and last traded at $188.29. 5,460,464 shares changed hands during trading, a decline of 23% from the average session volume of 7,101,233 shares. The stock had previously closed at $198.29.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRDO. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Craig Hallum restated a “buy” rating and set a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. Rosenblatt Securities raised their price target on Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Jefferies Financial Group assumed coverage on shares of Credo Technology Group in a report on Monday, April 13th. They issued a “buy” rating and a $175.00 price target for the company. Finally, Roth Mkm reduced their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Stock Performance

The firm has a market capitalization of $34.73 billion, a P/E ratio of 104.61 and a beta of 3.17. The business’s fifty day moving average price is $128.86 and its two-hundred day moving average price is $140.36.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm had revenue of $407.01 million during the quarter, compared to analyst estimates of $385.94 million. During the same quarter in the previous year, the business posted $0.25 EPS. Credo Technology Group’s revenue was up 201.5% on a year-over-year basis. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. This represents a 2.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the sale, the chief technology officer owned 6,272,370 shares in the company, valued at $737,630,712. The trade was a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC lifted its position in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after acquiring an additional 3,597,318 shares during the period. Amundi increased its holdings in shares of Credo Technology Group by 28,478.2% in the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock valued at $224,439,000 after purchasing an additional 1,554,338 shares during the period. Janus Henderson Group PLC raised its stake in shares of Credo Technology Group by 841.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after purchasing an additional 1,422,391 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the period. Finally, Rafferty Asset Management LLC acquired a new stake in shares of Credo Technology Group during the third quarter worth about $183,553,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.