Credo Technology Group (NASDAQ:CRDO) Shares Down 1.5% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded down 1.5% during mid-day trading on Thursday . The company traded as low as $226.58 and last traded at $231.35. 3,267,851 shares traded hands during trading, a decline of 56% from the average session volume of 7,361,354 shares. The stock had previously closed at $234.82.

Wall Street Analyst Weigh In

Several research analysts recently commented on CRDO shares. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Mizuho boosted their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. Roth Capital increased their price objective on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. TD Cowen lifted their target price on Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and an average price target of $268.39.

Credo Technology Group Price Performance

The company has a fifty day simple moving average of $241.50 and a 200-day simple moving average of $182.61. The company has a market cap of $43.00 billion, a P/E ratio of 92.97, a PEG ratio of 1.06 and a beta of 3.23.

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

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 55,441 shares of the business’s 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 sale, the chief operating officer owned 2,529,169 shares in the company, valued at $538,763,580.38. The trade was a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,473 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the sale, the chief technology officer owned 5,772,397 shares of the company’s stock, valued at approximately $1,209,490,343.41. This trade represents a 0.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 435,076 shares of company stock valued at $101,043,506. 11.84% of the stock is currently owned by corporate insiders.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. Vanguard Group Inc. raised its position in Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after buying an additional 59,849 shares during the period. State Street Corp boosted its position in Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after acquiring an additional 849,654 shares during the period. Geode Capital Management LLC grew its stake in Credo Technology Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after acquiring an additional 184,676 shares in the last quarter. Corient Private Wealth LLC grew its stake in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after acquiring an additional 3,597,318 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the period. Hedge funds and other 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.