Credo Technology Group (NASDAQ:CRDO) Shares Down 2.1% – Should You Sell?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 2.1% during mid-day trading on Monday . The stock traded as low as $133.11 and last traded at $140.24. Approximately 8,036,054 shares changed hands during mid-day trading, an increase of 16% from the average daily volume of 6,914,845 shares. The stock had previously closed at $143.22.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Bank of America lifted their target price on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. New Street Research set a $240.00 price objective on Credo Technology Group in a report on Tuesday, December 2nd. Cowen reissued a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Mizuho upped their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, December 2nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Two 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $206.85.

Credo Technology Group Stock Down 2.1%

The company has a market cap of $25.33 billion, a P/E ratio of 123.02 and a beta of 2.66. The business has a fifty day simple moving average of $157.02 and a two-hundred day simple moving average of $135.30.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same period in the previous year, the company posted $0.07 EPS. The business’s quarterly revenue was up 272.1% compared to the same quarter last year. On average, equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, December 29th. The stock was sold at an average price of $143.41, for a total value of $7,887,550.00. Following the completion of the sale, the chief technology officer directly owned 6,448,961 shares in the company, valued at $924,845,497.01. This represents a 0.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sylvia Acevedo sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, December 5th. The shares were sold at an average price of $185.17, for a total value of $347,193.75. Following the transaction, the director owned 21,098 shares in the company, valued at $3,906,716.66. This trade represents a 8.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,186,246 shares of company stock worth $181,111,833. Company insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California Public Employees Retirement System raised its holdings in shares of Credo Technology Group by 17.2% in the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after purchasing an additional 37,772 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in Credo Technology Group by 34.6% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 28,400 shares of the company’s stock valued at $4,135,000 after buying an additional 7,300 shares during the last quarter. Thompson Davis & CO. Inc. acquired a new stake in Credo Technology Group in the second quarter valued at $382,000. Realta Investment Advisors purchased a new stake in Credo Technology Group during the 2nd quarter worth about $300,000. Finally, Ethic Inc. boosted its position in shares of Credo Technology Group by 35.5% during the 2nd quarter. Ethic Inc. now owns 7,142 shares of the company’s stock worth $668,000 after acquiring an additional 1,873 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other 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.