Credo Technology Group (NASDAQ:CRDO) Trading Down 2.5% – Time to Sell?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were down 2.5% during mid-day trading on Thursday . The company traded as low as $178.87 and last traded at $184.54. Approximately 4,928,205 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 7,049,201 shares. The stock had previously closed at $189.36.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CRDO shares. Rosenblatt Securities raised their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, April 24th. Susquehanna reduced their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research note on Tuesday, March 3rd. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Finally, Jefferies Financial Group started coverage on shares of Credo Technology Group in a research note on Monday, April 13th. They issued a “buy” rating and a $175.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and an average target price of $207.71.

Credo Technology Group Price Performance

The business’s 50-day moving average price is $139.79 and its two-hundred day moving average price is $142.52. The company has a market capitalization of $31.76 billion, a P/E ratio of 95.65 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same period last year, the firm posted $0.25 earnings per share. Research analysts expect that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. This represents a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 386,608 shares of company stock worth $50,371,351. Insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRDO. Corient Private Wealth LLC raised its holdings in shares of Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after acquiring an additional 3,597,318 shares during the period. Amundi raised its holdings in shares of Credo Technology Group by 28,478.2% during the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after acquiring an additional 1,554,338 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Credo Technology Group by 841.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after acquiring an additional 1,422,391 shares during the period. Bank of America Corp DE raised its holdings in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the period. Finally, Rafferty Asset Management LLC acquired a new stake in shares of Credo Technology Group during the third quarter worth $183,553,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.