Credo Technology Group (NASDAQ:CRDO) Stock Price Down 7.3% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded down 7.3% on Friday . The company traded as low as $218.00 and last traded at $219.3110. Approximately 589,949 shares changed hands during trading, a decline of 92% from the average session volume of 7,626,385 shares. The stock had previously closed at $236.50.

Analyst Ratings Changes

CRDO has been the subject of several research reports. TD Cowen upped their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. JPMorgan Chase & Co. boosted their price objective on Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Finally, Bank of America lifted their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $266.17.

Credo Technology Group Price Performance

The company has a market cap of $40.36 billion, a P/E ratio of 88.12, a PEG ratio of 1.04 and a beta of 3.20. The firm’s 50-day moving average is $234.46 and its two-hundred day moving average is $169.58.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter last year, the business earned $0.20 earnings per share. Credo Technology Group’s quarterly revenue was up 157.0% compared to the same quarter last year. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, Director Fariba Danesh sold 1,100 shares of the stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total value of $259,974.00. Following the completion of the transaction, the director owned 7,017 shares of the company’s stock, valued at approximately $1,658,397.78. This trade represents a 13.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 302,162 shares of company stock valued at $70,897,646 over the last quarter. 11.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently modified their holdings of CRDO. Crewe Advisors LLC increased its position in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the last quarter. Reflection Asset Management bought a new stake in Credo Technology Group in the fourth quarter worth $25,000. Acumen Wealth Advisors LLC bought a new stake in Credo Technology Group in the fourth quarter worth $25,000. Flagship Harbor Advisors LLC purchased a new position in Credo Technology Group during the fourth quarter worth $32,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Credo Technology Group during the fourth quarter worth $36,000. 80.46% of the stock is owned by institutional investors.

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.