Credo Technology Group (NASDAQ:CRDO) Trading Down 5.5% After Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares dropped 5.5% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $143.32 and last traded at $144.7190. Approximately 2,112,828 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 5,901,332 shares. The stock had previously closed at $153.22.

Specifically, CTO Chi Fung Cheng sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $155.47, for a total transaction of $4,664,100.00. Following the sale, the chief technology officer directly owned 6,357,370 shares of the company’s stock, valued at $988,380,313.90. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sylvia Acevedo sold 2,200 shares of the firm’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total value of $350,196.00. Following the completion of the sale, the director directly owned 18,545 shares of the company’s stock, valued at $2,951,993.10. The trade was a 10.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRDO. Wall Street Zen raised Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. KGI Securities raised shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. began coverage on shares of Credo Technology Group in a research report on Friday, October 17th. They set an “overweight” rating and a $165.00 price objective on the stock. Stifel Nicolaus set a $160.00 target price on shares of Credo Technology Group in a report on Wednesday, October 1st. Finally, Needham & Company LLC lifted their price target on shares of Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $216.54.

Credo Technology Group Stock Performance

The company has a fifty day simple moving average of $152.39 and a two-hundred day simple moving average of $140.24. The firm has a market capitalization of $26.02 billion, a PE ratio of 126.57 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The firm had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same quarter last year, the firm posted $0.07 earnings per share. The business’s revenue for the quarter was up 272.1% on a year-over-year basis. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently modified their holdings of CRDO. JPMorgan Chase & Co. increased its holdings in Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after buying an additional 1,739,844 shares during the period. Bank of America Corp DE boosted its position 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 valued at $331,710,000 after acquiring an additional 1,406,752 shares in the last quarter. Rafferty Asset Management LLC purchased a new position in shares of Credo Technology Group in the 3rd quarter valued at $183,553,000. Alliancebernstein L.P. increased its holdings in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the period. Finally, Marshall Wace LLP raised its position in shares of Credo Technology Group by 2,537.7% in the 3rd quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock worth $167,452,000 after acquiring an additional 1,106,401 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.