Credo Technology Group (NASDAQ:CRDO) Shares Down 4.6% – What’s Next?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 4.6% during trading on Tuesday . The company traded as low as $98.21 and last traded at $100.30. Approximately 6,225,992 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 7,293,610 shares. The stock had previously closed at $105.10.

Analyst Ratings Changes

Several analysts have recently weighed in on CRDO shares. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective on the stock in a research report on Tuesday, December 2nd. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $220.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Barclays restated an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research report on Thursday, January 15th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $125.00 price objective on shares of Credo Technology Group in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and an average target price of $206.33.

Credo Technology Group Trading Down 7.2%

The stock has a market capitalization of $17.79 billion, a P/E ratio of 53.58 and a beta of 2.67. The stock’s fifty day moving average price is $120.00 and its two-hundred day moving average price is $141.93.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results 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 net margin of 31.81% and a return on equity of 29.63%. The firm’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.25 EPS. As a group, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $127.69, for a total value of $6,384,500.00. Following the completion of the sale, the chief executive officer owned 1,832,502 shares of the company’s stock, valued at approximately $233,992,180.38. The trade was a 2.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $143.41, for a total value of $7,887,550.00. Following the sale, the chief technology officer owned 6,448,961 shares of the company’s stock, valued at $924,845,497.01. This represents a 0.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 426,101 shares of company stock worth $56,010,645 over the last ninety days. Insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of CRDO. Atlantic Union Bankshares Corp purchased a new position in shares of Credo Technology Group in the third quarter worth $25,000. Crewe Advisors LLC grew its holdings in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares during the last quarter. Reflection Asset Management bought a new stake in Credo Technology Group in the 4th quarter worth $25,000. Acumen Wealth Advisors LLC purchased a new position in shares of Credo Technology Group in the fourth quarter valued at about $25,000. Finally, First Horizon Corp purchased a new position in shares of Credo Technology Group in the third quarter valued at about $26,000. Institutional investors own 80.46% of the company’s stock.

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.