Credo Technology Group (NASDAQ:CRDO) Trading Down 3.7% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares dropped 3.7% on Thursday . The company traded as low as $108.58 and last traded at $111.57. Approximately 5,899,885 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 7,205,787 shares. The stock had previously closed at $115.91.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of analyst reports. Susquehanna cut their price target on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a research note on Tuesday, March 3rd. TD Cowen reissued a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Bank of America raised their target price on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. Finally, Roth Mkm decreased their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $206.33.

Credo Technology Group Price Performance

The company has a market capitalization of $20.58 billion, a P/E ratio of 61.98 and a beta of 2.67. The firm has a fifty day moving average price of $127.91 and a 200-day moving average price of $143.24.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly 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. The business had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.Credo Technology Group’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same period last year, the company posted $0.25 earnings per share. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Activity at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $128.67, for a total transaction of $241,256.25. Following the completion of the sale, the director owned 5,892,034 shares in the company, valued at approximately $758,128,014.78. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Daniel W. Fleming sold 3,902 shares of Credo Technology Group stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $140.15, for a total transaction of $546,865.30. Following the completion of the sale, the chief financial officer directly owned 446,178 shares in the company, valued at approximately $62,531,846.70. This represents a 0.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 423,085 shares of company stock worth $59,514,322. 11.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp purchased a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $25,000. Crewe Advisors LLC grew its holdings in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after purchasing an additional 106 shares in the last quarter. Reflection Asset Management bought a new position in shares of Credo Technology Group in the fourth quarter worth approximately $25,000. Acumen Wealth Advisors LLC purchased a new stake in Credo Technology Group in the fourth quarter valued at approximately $25,000. Finally, First Horizon Corp purchased a new stake in Credo Technology Group in the third quarter valued at approximately $26,000. Institutional investors own 80.46% of the company’s stock.

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.