Credo Technology Group (NASDAQ:CRDO) Shares Down 2.5% – Time to Sell?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 2.5% during mid-day trading on Thursday . The company traded as low as $178.87 and last traded at $184.54. Approximately 4,928,205 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 7,049,201 shares. The stock had previously closed at $189.36.

Analyst Ratings Changes

CRDO has been the topic of a number of research reports. Stifel Nicolaus set a $200.00 price target on Credo Technology Group in a research note on Tuesday, March 3rd. Roth Mkm dropped their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Jefferies Financial Group began coverage on Credo Technology Group in a report on Monday, April 13th. They issued a “buy” rating and a $175.00 target price on the stock. The Goldman Sachs Group raised their target price on Credo Technology Group from $150.00 to $170.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Rothschild & Co Redburn began coverage on Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 target price on the stock. 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 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 stock has a fifty day moving average of $136.65 and a 200 day moving average of $142.10. The company has a market capitalization of $34.04 billion, a P/E ratio of 102.52 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. During the same period last year, the firm earned $0.25 EPS. Credo Technology Group’s revenue for the quarter was up 201.5% compared to the same quarter last year. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Insider Activity

In other news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 386,608 shares of company stock worth $50,371,351 over the last 90 days. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently made changes to their positions in the business. Atlantic Union Bankshares Corp purchased a new position in shares of Credo Technology Group in the third quarter valued at about $25,000. Crewe Advisors LLC lifted its position in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares in the last quarter. Reflection Asset Management purchased a new position in shares of Credo Technology Group in the fourth quarter valued at about $25,000. Acumen Wealth Advisors LLC purchased a new position in shares of Credo Technology Group in the fourth quarter valued at about $25,000. Finally, First Horizon Corp purchased a new position in shares of Credo Technology Group in the third quarter valued at about $26,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.