Credo Technology Group (NASDAQ:CRDO) Trading Down 3.5% – Should You Sell?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded down 3.5% on Monday . The stock traded as low as $211.50 and last traded at $222.61. 4,222,353 shares traded hands during trading, a decline of 42% from the average session volume of 7,313,103 shares. The stock had previously closed at $230.57.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Jefferies Financial Group lifted their price target on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Stifel Nicolaus raised their price objective on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 target price for the company. Susquehanna lifted their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Finally, Barclays raised their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $268.39.

Credo Technology Group Trading Down 3.5%

The stock has a 50-day simple moving average of $241.50 and a 200-day simple moving average of $183.05. The company has a market cap of $41.51 billion, a price-to-earnings ratio of 89.76, a price-to-earnings-growth ratio of 1.05 and a beta of 3.23.

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

Insider Buying and Selling at Credo Technology Group

In related news, COO Yat Tung Lam sold 55,441 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the sale, the chief operating officer directly owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. This represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the sale, the chief technology officer owned 5,882,370 shares of the company’s stock, valued at $1,429,768,852.20. The trade was a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 435,076 shares of company stock worth $101,043,506. Company insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Reflection Asset Management acquired a new position in shares of Credo Technology Group in the 4th quarter worth $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at $25,000. Orion Capital Management LLC acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at $27,000. AlphaCentric Advisors LLC acquired a new position in shares of Credo Technology Group in the 1st quarter valued at $33,000. Finally, Van ECK Associates Corp purchased a new position in Credo Technology Group in the 4th quarter worth about $37,000. 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.