Credo Technology Group (NASDAQ:CRDO) Trading Down 4.8% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) was down 4.8% during trading on Tuesday . The company traded as low as $167.18 and last traded at $170.29. Approximately 4,833,899 shares were traded during trading, a decline of 13% from the average daily volume of 5,529,797 shares. The stock had previously closed at $178.94.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Credo Technology Group in a research note on Monday. KGI Securities upgraded Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price on the stock in a research report on Tuesday, December 2nd. Needham & Company LLC increased their price target on Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. TD Cowen boosted their target price on shares of Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. began coverage on shares of Credo Technology Group in a research note on Friday, October 17th. They set an “overweight” rating and a $165.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Buy” and a consensus price target of $206.85.

Credo Technology Group Trading Down 4.8%

The firm has a market capitalization of $30.76 billion, a price-to-earnings ratio of 149.38 and a beta of 2.63. The firm has a fifty day moving average price of $155.87 and a 200 day moving average price of $125.02.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The firm had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. During the same period in the previous year, the business posted $0.07 EPS. The company’s quarterly revenue was up 272.1% compared to the same quarter last year. As a group, equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $189.35, for a total value of $355,031.25. Following the completion of the transaction, the director owned 5,893,909 shares of the company’s stock, valued at $1,116,011,669.15. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Yat Tung Lam sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $169.27, for a total transaction of $13,541,600.00. Following the completion of the transaction, the chief operating officer owned 770,000 shares in the company, valued at $130,337,900. This trade represents a 9.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 904,371 shares of company stock worth $139,048,715 over the last three months. 11.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Swiss Life Asset Management Ltd boosted its holdings in shares of Credo Technology Group by 75.9% in the third quarter. Swiss Life Asset Management Ltd now owns 7,014 shares of the company’s stock worth $1,021,000 after acquiring an additional 3,027 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of Credo Technology Group by 14.8% during the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after acquiring an additional 111 shares during the last quarter. CIBC Bancorp USA Inc. bought a new position in Credo Technology Group in the 3rd quarter worth $2,301,000. WBI Investments LLC bought a new position in Credo Technology Group in the third quarter worth $451,000. Finally, Coldstream Capital Management Inc. bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $303,000. Institutional investors own 80.46% of the company’s stock.

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.