Credo Technology Group (NASDAQ:CRDO) Shares Down 11% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded down 11% on Tuesday . The stock traded as low as $102.25 and last traded at $104.06. 15,484,182 shares traded hands during trading, an increase of 111% from the average session volume of 7,354,780 shares. The stock had previously closed at $116.88.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CRDO shares. Barclays reissued an “overweight” rating and issued a $260.00 price objective on shares of Credo Technology Group in a report on Thursday, January 15th. Wolfe Research set a $240.00 price target on Credo Technology Group in a research report on Tuesday, December 2nd. Mizuho decreased their price target on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, March 3rd. Bank of America upped their price objective on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Finally, Rosenblatt Securities cut their target price on shares of Credo Technology Group from $170.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $206.33.

Credo Technology Group Stock Performance

The stock has a market cap of $19.75 billion, a PE ratio of 59.50 and a beta of 2.67. The company has a 50 day moving average of $124.92 and a two-hundred day moving average of $142.81.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. The company 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 earned $0.25 earnings per share. As a group, equities research analysts anticipate 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 business’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $128.67, for a total value of $241,256.25. Following the completion of the sale, the director owned 5,892,034 shares of the company’s stock, valued at approximately $758,128,014.78. The trade was a 0.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sylvia Acevedo sold 2,200 shares of the company’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $159.18, for a total transaction of $350,196.00. Following the transaction, the director owned 18,545 shares of the company’s stock, valued at $2,951,993.10. This represents a 10.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 463,601 shares of company stock worth $62,835,745 over the last 90 days. 11.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. California Public Employees Retirement System raised its position in shares of Credo Technology Group by 17.2% in the second quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after buying an additional 37,772 shares during the last quarter. Optimize Financial Inc acquired a new position in Credo Technology Group during the third quarter worth about $1,431,000. Estate Counselors LLC purchased a new stake in Credo Technology Group during the 3rd quarter valued at about $2,548,000. Global Trust Asset Management LLC purchased a new stake in Credo Technology Group during the 3rd quarter valued at about $2,167,000. Finally, New York State Common Retirement Fund raised its holdings in Credo Technology Group by 106.5% in the 3rd quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock valued at $21,279,000 after acquiring an additional 75,369 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.