Credo Technology Group (NASDAQ:CRDO) Stock Price Down 3.6% – Here’s Why

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) fell 3.6% during trading on Friday . The stock traded as low as $144.66 and last traded at $144.83. 2,710,495 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 5,533,249 shares. The stock had previously closed at $150.19.

Analyst Ratings Changes

CRDO has been the subject of several research reports. Wolfe Research set a $240.00 target price on Credo Technology Group in a research report on Tuesday, December 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Credo Technology Group in a research note on Monday, December 15th. Needham & Company LLC increased their price target on Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Wall Street Zen raised Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Finally, Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and an average price target of $206.85.

Credo Technology Group Stock Performance

The stock has a market capitalization of $26.16 billion, a PE ratio of 127.04 and a beta of 2.63. The stock’s 50-day moving average is $157.37 and its 200 day moving average is $131.60.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates 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 business 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 company posted $0.07 EPS. The company’s quarterly revenue was up 272.1% on a year-over-year basis. Analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $156.32, for a total transaction of $8,597,600.00. Following the transaction, the chief technology officer owned 6,668,961 shares in the company, valued at approximately $1,042,491,983.52. The trade was a 0.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel W. Fleming sold 112,580 shares of the firm’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the sale, the chief financial officer directly owned 458,678 shares of the company’s stock, valued at $63,389,299.60. This represents a 19.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,311,246 shares of company stock valued at $199,553,783. 11.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. CTC Alternative Strategies Ltd. purchased a new stake in Credo Technology Group during the third quarter worth about $776,000. Swiss Life Asset Management Ltd lifted its position in shares of Credo Technology Group by 75.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 7,014 shares of the company’s stock valued at $1,021,000 after acquiring an additional 3,027 shares during the period. CIBC Private Wealth Group LLC boosted its stake in shares of Credo Technology Group by 14.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock worth $125,000 after acquiring an additional 111 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $2,301,000. Finally, WBI Investments LLC purchased a new position in Credo Technology Group in the 3rd quarter valued at approximately $451,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.