Credo Technology Group (NASDAQ:CRDO) Stock Price Down 4.4% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) was down 4.4% on Thursday . The stock traded as low as $176.50 and last traded at $180.92. Approximately 5,621,650 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 5,532,316 shares. The stock had previously closed at $189.19.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wall Street Zen raised Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. TD Cowen upped their price target on Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday. Susquehanna increased their price target on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, October 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research report on Wednesday, October 8th. Finally, Stifel Nicolaus set a $160.00 price objective on shares of Credo Technology Group in a research note on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $206.85.

Credo Technology Group Stock Performance

The stock has a market cap of $31.30 billion, a P/E ratio of 158.70 and a beta of 2.63. The stock has a 50-day moving average price of $153.83 and a 200-day moving average price of $122.11.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 earnings per share 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 30.68%. The business had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same period last year, the firm posted $0.07 earnings per share. Credo Technology Group’s quarterly revenue was up 272.1% on a year-over-year basis. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $189.35, for a total transaction of $355,031.25. Following the sale, the director owned 5,893,909 shares in the company, valued at $1,116,011,669.15. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Manpreet Khaira sold 5,000 shares of the company’s stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $149.67, for a total value of $748,350.00. Following the completion of the transaction, the director owned 58,574 shares of the company’s stock, valued at $8,766,770.58. The trade was a 7.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 973,161 shares of company stock worth $149,011,579 in the last three months. 11.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently modified their holdings of the company. Operose Advisors LLC boosted its stake in Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after buying an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Credo Technology Group during the first quarter worth approximately $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $25,000. First Horizon Corp purchased a new stake in shares of Credo Technology Group in the 3rd quarter valued at $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in shares of Credo Technology Group during the 2nd quarter valued at $27,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.