Credo Technology Group (NASDAQ:CRDO) Stock Price Down 1.7% – Should You Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) was down 1.7% during mid-day trading on Tuesday . The stock traded as low as $167.22 and last traded at $167.75. 10,173,005 shares were traded during trading, an increase of 37% from the average session volume of 7,410,676 shares. The stock had previously closed at $170.57.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CRDO. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Susquehanna lifted their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 4th. Finally, Roth Capital increased their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $267.39.

Credo Technology Group Trading Down 4.5%

The company’s 50-day moving average is $224.88 and its 200 day moving average is $190.34. The stock has a market capitalization of $30.13 billion, a PE ratio of 57.05, a price-to-earnings-growth ratio of 0.67 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The business had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. During the same quarter in the prior year, the business posted $0.52 EPS. Credo Technology Group’s revenue for the quarter was up 114.7% compared to the same quarter last year. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Yat Lam sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $213.33, for a total value of $10,666,500.00. Following the sale, the chief operating officer owned 300,000 shares in the company, valued at $63,999,000. This represents a 14.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 3,790 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $170.00, for a total transaction of $644,300.00. Following the transaction, the chief technology officer directly owned 136,568 shares of the company’s stock, valued at $23,216,560. This represents a 2.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 313,074 shares of company stock valued at $71,827,816 over the last quarter. 9.06% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently modified their holdings of CRDO. NewEdge Advisors LLC boosted its holdings in Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after buying an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after buying an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after acquiring an additional 7,107 shares during the period. CW Advisors LLC purchased a new stake in shares of Credo Technology Group during the 2nd quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after acquiring an additional 333 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.