Credo Technology Group (NASDAQ:CRDO) Stock Price Down 6.3% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 6.3% on Wednesday . The stock traded as low as $204.00 and last traded at $214.60. Approximately 9,501,511 shares changed hands during trading, an increase of 31% from the average daily volume of 7,228,485 shares. The stock had previously closed at $229.00.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. TD Cowen boosted their price objective on Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday. Jefferies Financial Group raised their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Bank of America lifted their price target on shares of Credo Technology Group from $210.00 to $252.00 and gave the stock a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus price target of $248.41.

Credo Technology Group Stock Down 3.9%

The stock has a market capitalization of $38.56 billion, a price-to-earnings ratio of 84.46, a price-to-earnings-growth ratio of 1.44 and a beta of 3.22. The stock’s 50-day simple moving average is $167.59 and its 200 day simple moving average is $146.77.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping 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 36.99%. The company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter last year, the business posted $0.20 earnings per share. The company’s revenue was up 157.0% on a year-over-year basis. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 3.78 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, insider James Laufman sold 10,000 shares of the company’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the transaction, the insider directly owned 198,609 shares in the company, valued at approximately $32,653,305.69. This represents a 4.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $178.99, for a total transaction of $4,922,225.00. Following the completion of the transaction, the chief technology officer directly owned 6,024,870 shares in the company, valued at $1,078,391,481.30. This trade represents a 0.45% 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. In the last ninety days, insiders have sold 386,608 shares of company stock worth $50,371,351. Insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently bought and sold shares of the business. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group in the 3rd quarter worth $25,000. Crewe Advisors LLC increased its holdings in 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 purchasing an additional 106 shares during the last quarter. Reflection Asset Management acquired a new position in Credo Technology Group in the fourth quarter valued at about $25,000. Acumen Wealth Advisors LLC bought a new position in Credo Technology Group during the fourth quarter worth about $25,000. Finally, Flagship Harbor Advisors LLC bought a new position in Credo Technology Group during the fourth quarter worth about $32,000. 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.