Credo Technology Group (NASDAQ:CRDO) Trading Down 7.6% – Here’s What Happened

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 7.6% during mid-day trading on Thursday . The stock traded as low as $147.50 and last traded at $148.2320. Approximately 709,823 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 5,350,760 shares. The stock had previously closed at $160.34.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Barclays restated an “overweight” rating and set a $165.00 price target on shares of Credo Technology Group in a report on Tuesday, October 7th. Susquehanna boosted their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, October 22nd. Mizuho increased their price target on shares of Credo Technology Group from $135.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday, September 4th. JPMorgan Chase & Co. initiated coverage on Credo Technology Group in a research report on Friday, October 17th. They set an “overweight” rating and a $165.00 price objective on the stock. Finally, Cowen restated a “buy” rating on shares of Credo Technology Group in a research report on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $140.36.

Credo Technology Group Trading Down 12.0%

The business has a 50-day moving average price of $154.31 and a 200-day moving average price of $111.07. The firm has a market cap of $24.42 billion, a P/E ratio of 210.99 and a beta of 2.62.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The business had revenue of $223.07 million for the quarter, compared to the consensus estimate of $190.63 million. During the same quarter in the previous year, the company earned $0.04 earnings per share. The firm’s revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 112,580 shares of the business’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the transaction, the chief financial officer directly owned 458,678 shares in the company, valued at approximately $63,389,299.60. The trade was a 19.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $143.53, for a total transaction of $11,482,400.00. Following the completion of the sale, the chief operating officer owned 920,000 shares in the company, valued at $132,047,600. This represents a 8.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 973,161 shares of company stock valued at $149,011,579. Corporate insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Operose Advisors LLC grew its stake in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after acquiring an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Credo Technology Group during the first quarter worth $25,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Credo Technology Group during the third quarter valued at $25,000. First Horizon Corp acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Credo Technology Group during the 2nd quarter worth about $27,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.