Credo Technology Group (NASDAQ:CRDO) Trading Down 5% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares were down 5% on Thursday . The company traded as low as $185.70 and last traded at $188.29. Approximately 5,460,464 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 7,101,233 shares. The stock had previously closed at $198.29.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CRDO shares. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 price objective for the company. Barclays reiterated an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research report on Thursday, January 15th. Rosenblatt Securities lifted their target price on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. Finally, Mizuho dropped 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 research report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Stock Up 0.1%

The company’s 50-day moving average price is $130.21 and its 200-day moving average price is $140.68. The firm has a market cap of $34.77 billion, a price-to-earnings ratio of 104.73 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The firm had revenue of $407.01 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 201.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.25 earnings per share. Analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 386,608 shares of company stock worth $50,371,351 over the last 90 days. 11.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of CRDO. NewEdge Advisors LLC boosted its position in Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after purchasing an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares during the period. CW Advisors LLC purchased a new position in Credo Technology Group during the second quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC raised its stake in Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.