Credo Technology Group (NASDAQ:CRDO) Stock Price Down 2.3% – Time to Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded down 2.3% during trading on Tuesday. The stock traded as low as $126.89 and last traded at $129.80. 5,451,893 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 7,685,972 shares. The stock had previously closed at $132.89.

Analysts Set New Price Targets

Several research firms have recently commented on CRDO. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. Evercore set a $292.00 price target on shares of Credo Technology Group in a research note on Wednesday, September 2nd. Rosenblatt Securities restated a “neutral” rating and issued a $235.00 price objective on shares of Credo Technology Group in a report on Thursday, October 15th. Finally, Bank of America cut their price objective on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $262.67.

Credo Technology Group Price Performance

The stock has a 50 day simple moving average of $173.44 and a 200-day simple moving average of $180.27. The firm has a market cap of $26.28 billion, a PE ratio of 49.75, a PEG ratio of 0.52 and a beta of 3.29.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. During the same period in the previous year, the company posted $0.52 earnings per share. The company’s revenue for the quarter was up 114.7% compared to the same quarter last year. As a group, equities analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Cheng sold 27,500 shares of the firm’s stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total transaction of $4,513,300.00. Following the completion of the sale, the chief technology officer directly owned 5,552,397 shares in the company, valued at approximately $911,259,395.64. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Pantas Sutardja sold 1,540 shares of the firm’s stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $212.22, for a total transaction of $326,818.80. Following the sale, the director owned 5,890,494 shares of the company’s stock, valued at approximately $1,250,080,636.68. This represents a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 352,538 shares of company stock worth $67,200,077 in the last ninety days. 9.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. State Street Corp boosted its stake in Credo Technology Group by 7.2% during the 3rd quarter. State Street Corp now owns 4,525,183 shares of the company’s stock valued at $881,460,000 after purchasing an additional 304,073 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Credo Technology Group by 13.7% during the second quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock valued at $593,603,000 after buying an additional 262,479 shares during the last quarter. Atreides Management LP boosted its position in shares of Credo Technology Group by 3.5% during the second quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock valued at $307,109,000 after buying an additional 38,052 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Credo Technology Group by 192.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock worth $98,290,000 after buying an additional 688,596 shares in the last quarter. Finally, H&H International Investment LLC increased its holdings in Credo Technology Group by 431.6% in the 1st quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock worth $70,515,000 after buying an additional 609,900 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments. The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.