Credo Technology Group (NASDAQ:CRDO) Shares Down 1.5% – Here’s Why

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 1.5% during mid-day trading on Thursday . The stock traded as low as $226.58 and last traded at $231.35. Approximately 3,267,851 shares traded hands during trading, a decline of 56% from the average session volume of 7,361,354 shares. The stock had previously closed at $234.82.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research analyst reports. TD Cowen raised their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday. Mizuho increased 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, June 2nd. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Bank of America boosted their price target on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $268.39.

Credo Technology Group Price Performance

The stock’s 50-day moving average price is $242.57 and its 200 day moving average price is $181.53. The firm has a market cap of $43.14 billion, a P/E ratio of 93.29, a price-to-earnings-growth ratio of 1.12 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter last year, the firm earned $0.20 earnings per share. The firm’s revenue for the quarter was up 157.0% compared to the same quarter last year. As a group, analysts forecast 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 stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares in the company, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00. Following the sale, the chief technology officer owned 5,882,370 shares in the company, valued at $1,429,768,852.20. The trade was a 0.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 435,076 shares of company stock valued at $101,043,506. Corporate insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in CRDO. CTC Alternative Strategies Ltd. bought a new position in shares of Credo Technology Group in the second quarter valued at $218,000. Headlands Technologies LLC bought a new stake in Credo Technology Group during the second quarter worth $4,557,000. Ancora Advisors LLC lifted its stake in Credo Technology Group by 324.0% in the second quarter. Ancora Advisors LLC now owns 2,120 shares of the company’s stock valued at $577,000 after acquiring an additional 1,620 shares during the last quarter. Moore Capital Management LP acquired a new stake in Credo Technology Group in the second quarter valued at $9,960,000. Finally, Sigma Planning Corp grew its position in shares of Credo Technology Group by 27.2% in the 2nd quarter. Sigma Planning Corp now owns 5,713 shares of the company’s stock valued at $1,554,000 after acquiring an additional 1,223 shares during the period. 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.