Credo Technology Group (NASDAQ:CRDO) Shares Down 4% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded down 4% during trading on Monday . The company traded as low as $239.78 and last traded at $239.94. 4,268,419 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 7,505,466 shares. The stock had previously closed at $249.89.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CRDO. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Bank of America raised their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Rosenblatt Securities lifted their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Jefferies Financial Group upped their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $266.17.

Credo Technology Group Price Performance

The firm’s fifty day moving average is $237.43 and its two-hundred day moving average is $174.71. The firm has a market capitalization of $44.74 billion, a PE ratio of 96.75, a PEG ratio of 1.14 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last posted 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 firm 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 posted $0.20 EPS. The company’s revenue for the quarter was up 157.0% on a year-over-year basis. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction on 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 in the company, valued at $124,097,603.04. This represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,473 shares of Credo Technology Group stock in a transaction on Friday, July 31st. The stock was sold at an average price of $209.53, for a total value of $5,756,417.69. Following the sale, the chief technology officer owned 5,772,397 shares in the company, valued at $1,209,490,343.41. The trade was a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 435,076 shares of company stock valued at $101,043,506. 11.84% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the stock. Reflection Asset Management bought a new position in Credo Technology Group during the fourth quarter valued at $25,000. Acumen Wealth Advisors LLC bought a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $25,000. Flagship Harbor Advisors LLC bought a new position in Credo Technology Group in the 4th quarter worth approximately $32,000. Smallwood Wealth Investment Management LLC purchased a new position in Credo Technology Group in the 4th quarter valued at approximately $36,000. Finally, Van ECK Associates Corp bought a new position in Credo Technology Group in the 4th quarter worth about $37,000. Institutional investors 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.