Credo Technology Group (NASDAQ:CRDO) Trading Down 1.4% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price fell 1.4% during mid-day trading on Wednesday . The stock traded as low as $259.72 and last traded at $268.2260. Approximately 6,505,885 shares traded hands during mid-day trading, a decline of 14% from the average session volume of 7,577,122 shares. The stock had previously closed at $272.01.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CRDO shares. Evercore began coverage on Credo Technology Group in a report on Monday. They set an “outperform” rating and a $325.00 target price on the stock. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 price objective on the stock. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Finally, Jefferies Financial Group raised their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $263.11.

Credo Technology Group Price Performance

The company has a market capitalization of $47.11 billion, a price-to-earnings ratio of 101.87, a P/E/G ratio of 1.23 and a beta of 3.22. The business’s 50-day moving average price is $211.63 and its two-hundred day moving average price is $156.69.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company’s revenue was up 157.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.20 EPS. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Activity at Credo Technology Group

In other news, Director Fariba Danesh sold 1,100 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total transaction of $259,974.00. Following the completion of the sale, the director owned 7,017 shares of the company’s stock, valued at approximately $1,658,397.78. This represents a 13.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $270.94, for a total transaction of $7,450,850.00. Following the sale, the chief technology officer owned 5,937,370 shares in the company, valued at $1,608,671,027.80. This represents a 0.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 416,884 shares of company stock worth $77,492,368 in the last 90 days. Corporate insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently modified their holdings of CRDO. Pacer Advisors Inc. boosted its stake in Credo Technology Group by 32.6% in the first quarter. Pacer Advisors Inc. now owns 22,736 shares of the company’s stock valued at $2,134,000 after buying an additional 5,585 shares in the last quarter. PVG Asset Management Corp acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $84,000. Carmignac Gestion bought a new stake in shares of Credo Technology Group during the 1st quarter valued at approximately $34,216,000. NewEdge Advisors LLC increased its position in Credo Technology Group by 24.1% during the 1st quarter. NewEdge Advisors LLC now owns 5,883 shares of the company’s stock worth $552,000 after purchasing an additional 1,141 shares in the last quarter. Finally, Glenmede Trust Co. NA increased its position in Credo Technology Group by 2.0% during the 1st quarter. Glenmede Trust Co. NA now owns 5,706 shares of the company’s stock worth $536,000 after purchasing an additional 114 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.