Credo Technology Group (NASDAQ:CRDO) Trading Down 5.5% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) fell 5.5% during mid-day trading on Tuesday . The stock traded as low as $183.40 and last traded at $198.57. 6,214,708 shares were traded during mid-day trading, a decline of 12% from the average session volume of 7,076,727 shares. The stock had previously closed at $210.22.

Analyst Upgrades and Downgrades

Several research firms recently commented on CRDO. Barclays reaffirmed an “overweight” rating and issued a $260.00 price objective on shares of Credo Technology Group in a report on Thursday, January 15th. Mizuho lowered their target price on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, March 3rd. Roth Mkm lowered their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Craig Hallum reissued a “buy” rating and set a $200.00 target price on shares of Credo Technology Group in a report on Tuesday, March 3rd. Finally, Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $207.71.

Credo Technology Group Price Performance

The firm’s 50 day moving average is $133.42 and its 200 day moving average is $141.40. The company has a market cap of $36.63 billion, a PE ratio of 110.32 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. Credo Technology Group’s revenue for the quarter was up 201.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 earnings per share. As a group, analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at $737,630,712. The trade was a 0.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. This represents a 2.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 386,608 shares of company stock valued at $50,371,351. Corporate insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Himension Capital Singapore PTE. LTD. purchased a new position in Credo Technology Group in the 1st quarter worth approximately $1,006,000. Danica Pension Livsforsikringsaktieselskab bought a new stake in shares of Credo Technology Group in the 1st quarter worth approximately $44,302,000. ABN Amro Investment Solutions bought a new stake in shares of Credo Technology Group in the 1st quarter worth approximately $594,000. PNC Financial Services Group Inc. lifted its holdings in shares of Credo Technology Group by 29.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 22,894 shares of the company’s stock worth $2,149,000 after acquiring an additional 5,258 shares during the last quarter. Finally, Oslo Pensjonsforsikring AS bought a new stake in shares of Credo Technology Group in the 1st quarter worth approximately $74,000. 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.