Credo Technology Group (NASDAQ:CRDO) Stock Price Down 2.3% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price fell 2.3% on Friday . The stock traded as low as $253.75 and last traded at $259.90. Approximately 3,362,157 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 7,407,430 shares. The stock had previously closed at $265.99.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. Susquehanna lifted their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Needham & Company LLC upped 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. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Finally, TD Cowen increased their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $266.17.

Credo Technology Group Stock Down 2.3%

The business has a 50-day moving average price of $240.13 and a two-hundred day moving average price of $177.96. The company has a market capitalization of $48.47 billion, a price-to-earnings ratio of 104.80, a price-to-earnings-growth ratio of 1.23 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. Credo Technology Group’s revenue was up 157.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.20 EPS. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Yat Tung Lam sold 55,441 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the transaction, the chief operating officer directly owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 435,076 shares of company stock valued at $101,043,506 over the last ninety days. 11.84% of the stock is currently owned by corporate insiders.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kelly Lawrence W & Associates Inc. CA bought a new position in shares of Credo Technology Group in the second quarter valued at approximately $16,963,000. Compass Financial Management LLC bought a new stake in Credo Technology Group during the second quarter worth $343,000. Plato Investment Management Ltd bought a new stake in Credo Technology Group during the second quarter worth $1,097,000. Accel Wealth Management purchased a new stake in Credo Technology Group in the 2nd quarter valued at $383,000. Finally, Nolet Wealth Management LLC purchased a new stake in Credo Technology Group in the 2nd quarter valued at $214,000. 80.46% of the stock is owned by institutional investors.

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.