Credo Technology Group (NASDAQ:CRDO) Trading Down 7.9% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded down 7.9% during trading on Monday . The company traded as low as $149.14 and last traded at $150.09. Approximately 10,565,266 shares changed hands during mid-day trading, an increase of 42% from the average daily volume of 7,424,136 shares. The stock had previously closed at $162.95.

Analyst Ratings Changes

CRDO has been the topic of a number of recent analyst reports. Weiss Ratings cut Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, September 4th. Barclays upped their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Mizuho increased their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities lifted their price objective on shares of Credo Technology Group from $215.00 to $235.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 2nd. Finally, Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $267.39.

Credo Technology Group Trading Down 7.9%

The firm has a market cap of $28.21 billion, a price-to-earnings ratio of 53.41, a P/E/G ratio of 0.65 and a beta of 3.22. The company has a 50 day moving average of $221.67 and a 200 day moving average of $190.87.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The firm had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. During the same period in the previous year, the company posted $0.52 earnings per share. The company’s revenue for the quarter was up 114.7% on a year-over-year basis. Equities analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Activity

In other news, COO Yat Lam sold 55,441 shares of Credo Technology Group stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares in the company, valued at $538,763,580.38. The trade was a 2.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the completion of the transaction, the chief technology officer owned 5,882,370 shares of the company’s stock, valued at $1,429,768,852.20. This represents a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 313,074 shares of company stock worth $71,827,816 in the last 90 days. Corporate insiders own 9.06% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC raised its holdings in shares of Credo Technology Group by 19.0% during the second quarter. Sequoia Financial Advisors LLC now owns 6,659 shares of the company’s stock worth $1,811,000 after acquiring an additional 1,063 shares during the period. IPG Investment Advisors LLC acquired a new position in Credo Technology Group in the 2nd quarter worth $3,078,000. Integrated Wealth Concepts LLC boosted its stake in Credo Technology Group by 68.5% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 15,962 shares of the company’s stock worth $4,341,000 after purchasing an additional 6,489 shares during the period. NewEdge Advisors LLC increased its holdings in Credo Technology Group by 56.0% during the 2nd quarter. NewEdge Advisors LLC now owns 9,176 shares of the company’s stock worth $2,495,000 after purchasing an additional 3,293 shares in the last quarter. Finally, GFG Capital LLC bought a new position in Credo Technology Group during the 2nd quarter worth about $214,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.