Credo Technology Group (NASDAQ:CRDO) Stock Price Down 9.2% – Time to Sell?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded down 9.2% during mid-day trading on Monday . The company traded as low as $150.41 and last traded at $156.27. 8,567,920 shares traded hands during mid-day trading, an increase of 22% from the average session volume of 7,049,258 shares. The stock had previously closed at $172.17.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CRDO shares. Roth Mkm reduced their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Susquehanna decreased their target price on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a report on Tuesday, March 3rd. Mizuho cut their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, March 3rd. Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a report on Monday, April 13th. They issued a “buy” rating and a $175.00 price objective for the company. Finally, Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $207.71.

Credo Technology Group Price Performance

The company has a 50 day moving average of $139.79 and a two-hundred day moving average of $142.43. The company has a market capitalization of $28.82 billion, a PE ratio of 86.82 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, beating analysts’ consensus estimates of $0.78 by $0.29. The firm had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company’s quarterly revenue was up 201.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 EPS. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the sale, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 386,608 shares of company stock valued at $50,371,351 in the last ninety days. Insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Credo Technology Group during the third quarter valued at approximately $25,000. Crewe Advisors LLC raised its holdings in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares during the last quarter. Reflection Asset Management bought a new position in Credo Technology Group in the 4th quarter valued at approximately $25,000. Acumen Wealth Advisors LLC bought a new position in Credo Technology Group in the 4th quarter valued at approximately $25,000. Finally, First Horizon Corp purchased a new stake in Credo Technology Group during the 3rd quarter valued at $26,000. 80.46% of the stock is currently owned by 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.