Credo Technology Group (NASDAQ:CRDO) Shares Down 11% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price dropped 11% during mid-day trading on Tuesday . The company traded as low as $102.25 and last traded at $104.06. Approximately 15,484,182 shares were traded during mid-day trading, an increase of 111% from the average daily volume of 7,354,780 shares. The stock had previously closed at $116.88.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CRDO shares. Barclays reiterated an “overweight” rating and set a $260.00 price objective on shares of Credo Technology Group in a report on Thursday, January 15th. Bank of America lifted their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. TD Cowen reiterated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. The Goldman Sachs Group set a $165.00 price objective on shares of Credo Technology Group and gave the stock a “buy” rating in a report on Thursday, February 19th. Finally, Roth Mkm cut their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $206.33.

Credo Technology Group Stock Performance

The stock has a market cap of $19.19 billion, a price-to-earnings ratio of 57.81 and a beta of 2.67. The business has a 50-day simple moving average of $126.29 and a two-hundred day simple moving average of $143.24.

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. The business had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm’s revenue for the quarter was up 201.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 earnings per share. On average, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $143.41, for a total transaction of $7,887,550.00. Following the completion of the transaction, the chief technology officer directly owned 6,448,961 shares of the company’s stock, valued at approximately $924,845,497.01. This represents a 0.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $127.69, for a total value of $6,384,500.00. Following the completion of the transaction, the chief executive officer owned 1,832,502 shares of the company’s stock, valued at approximately $233,992,180.38. This represents a 2.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 463,601 shares of company stock valued at $62,835,745 in the last 90 days. 11.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Atlantic Union Bankshares Corp acquired a new position in Credo Technology Group during the third quarter worth $25,000. Crewe Advisors LLC grew its position in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares during the period. Reflection Asset Management bought a new position in shares of Credo Technology Group in the 4th quarter valued at about $25,000. Acumen Wealth Advisors LLC acquired a new position in shares of Credo Technology Group during the 4th quarter worth about $25,000. Finally, First Horizon Corp acquired a new position in shares of Credo Technology Group during the 3rd quarter worth about $26,000. Institutional investors 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.