Credo Technology Group (NASDAQ:CRDO) Trading Down 5.6% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded down 5.6% during trading on Wednesday . The stock traded as low as $151.52 and last traded at $152.2960. 819,157 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 6,066,132 shares. The stock had previously closed at $161.38.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. New Street Research set a $240.00 price objective on shares of Credo Technology Group in a research note on Tuesday, December 2nd. William Blair started coverage on Credo Technology Group in a research report on Thursday, September 18th. They set an “outperform” rating for the company. Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Finally, Roth Capital raised their price target on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $217.08.

Credo Technology Group Trading Down 6.5%

The firm has a market capitalization of $27.25 billion, a PE ratio of 132.69 and a beta of 2.66. The firm has a 50-day moving average of $153.73 and a two-hundred day moving average of $138.09.

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

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at approximately $61,276,000. The trade was a 48.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $171.23, for a total transaction of $8,561,500.00. Following the completion of the transaction, the chief executive officer owned 1,942,502 shares of the company’s stock, valued at $332,614,617.46. This trade represents a 2.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,088,276 shares of company stock worth $167,068,167 over the last quarter. 11.84% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Several large investors have recently modified their holdings of CRDO. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the 3rd quarter valued at approximately $25,000. First Horizon Corp purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Credo Technology Group during the 2nd quarter valued at approximately $27,000. Smartleaf Asset Management LLC grew its position in shares of Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after buying an additional 147 shares in the last quarter. Finally, Park Place Capital Corp bought a new stake in shares of Credo Technology Group in the third quarter worth $41,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.