Credo Technology Group (NASDAQ:CRDO) Trading Down 4.9% – Time to Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 4.9% on Friday . The stock traded as low as $202.68 and last traded at $206.89. Approximately 15,561,107 shares changed hands during mid-day trading, an increase of 113% from the average daily volume of 7,310,080 shares. The stock had previously closed at $217.50.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Mizuho upped their target price on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday. The Goldman Sachs Group restated a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday. Needham & Company LLC upped their price objective on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday. Susquehanna increased their price objective on Credo Technology Group from $200.00 to $235.00 and gave the company a “positive” rating in a report on Tuesday. Finally, Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $248.41.

Credo Technology Group Trading Down 4.9%

The firm has a market capitalization of $38.16 billion, a price-to-earnings ratio of 83.42, a P/E/G ratio of 1.44 and a beta of 3.22. The company’s 50 day moving average is $167.59 and its 200-day moving average is $146.77.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the previous year, the business earned $0.20 earnings per share. The business’s revenue was up 157.0% compared to the same quarter last year. Research analysts expect that Credo Technology Group Holding Ltd. will post 3.78 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the sale, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. The trade was a 0.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 386,608 shares of company stock worth $50,371,351. Corporate insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

Several hedge funds have recently added to or reduced their stakes in CRDO. Corient Private Wealth LLC increased 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 purchasing an additional 3,597,318 shares during the period. Amundi boosted its stake in shares of Credo Technology Group by 28,478.2% in the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock valued at $224,439,000 after buying an additional 1,554,338 shares during the period. Janus Henderson Group PLC grew its position in 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 buying an additional 1,422,391 shares in the last quarter. Bank of America Corp DE increased its stake in Credo Technology Group by 161.5% during the 3rd 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 bought a new position in Credo Technology Group during the 3rd quarter worth $183,553,000. 80.46% of the stock is 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.