Credo Technology Group (NASDAQ:CRDO) Trading Down 2.6% – Here’s What Happened

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 2.6% during mid-day trading on Tuesday . The company traded as low as $119.88 and last traded at $120.83. Approximately 3,944,190 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 6,671,144 shares. The stock had previously closed at $124.05.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CRDO shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Mizuho lifted their price target on Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, December 2nd. KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a report on Tuesday, December 2nd. Finally, Rosenblatt Securities began coverage on Credo Technology Group in a research note on Wednesday, January 21st. They set a “neutral” rating and a $170.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $209.29.

Credo Technology Group Price Performance

The company has a fifty day moving average price of $135.63 and a two-hundred day moving average price of $143.70. The firm has a market cap of $21.83 billion, a price-to-earnings ratio of 105.99 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. During the same period in the previous year, the business earned $0.07 earnings per share. Credo Technology Group’s revenue for the quarter was up 272.1% compared to the same quarter last year. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 370,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $174.70, for a total transaction of $9,608,500.00. Following the completion of the sale, the chief technology officer owned 6,613,961 shares of the company’s stock, valued at approximately $1,155,458,986.70. This trade represents a 0.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 917,976 shares of company stock worth $136,567,647 in the last quarter. 11.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Savant Capital LLC grew its stake in Credo Technology Group by 0.7% in the third quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock valued at $1,444,000 after purchasing an additional 68 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after buying an additional 77 shares during the last quarter. Illinois Municipal Retirement Fund grew its stake in shares of Credo Technology Group by 0.6% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock valued at $2,298,000 after buying an additional 91 shares in the last quarter. Mark Sheptoff Financial Planning LLC increased its holdings in Credo Technology Group by 2.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock worth $741,000 after buying an additional 100 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in Credo Technology Group by 18.0% during the third quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock valued at $97,000 after acquiring an additional 101 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.