Credo Technology Group (NASDAQ:CRDO) Trading Down 2.7% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) fell 2.7% during mid-day trading on Friday . The company traded as low as $173.90 and last traded at $176.04. 5,258,765 shares were traded during mid-day trading, a decline of 5% from the average session volume of 5,531,280 shares. The stock had previously closed at $180.92.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Susquehanna increased their price objective on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, October 22nd. New Street Research set a $240.00 target price on shares of Credo Technology Group in a report on Tuesday. Barclays increased their price target on Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a report on Tuesday. William Blair assumed coverage on Credo Technology Group in a research report on Thursday, September 18th. They issued an “outperform” rating for the company. Finally, Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $206.85.

Credo Technology Group Price Performance

The firm has a market capitalization of $31.80 billion, a price-to-earnings ratio of 154.42 and a beta of 2.63. The business’s fifty day simple moving average is $154.55 and its 200 day simple moving average is $122.52.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. During the same quarter in the prior year, the business earned $0.07 earnings per share. The business’s quarterly revenue was up 272.1% compared to the same quarter last year. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $171.23, for a total transaction of $3,084,879.68. Following the completion of the sale, the chief executive officer owned 319,907 shares in the company, valued at $54,777,675.61. The trade was a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $189.35, for a total value of $355,031.25. Following the transaction, the director directly owned 5,893,909 shares in the company, valued at $1,116,011,669.15. The trade was a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 959,371 shares of company stock valued at $147,090,265. Company insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CRDO. Mutual of America Capital Management LLC increased its position in shares of Credo Technology Group by 20.8% during the first quarter. Mutual of America Capital Management LLC now owns 96,651 shares of the company’s stock worth $3,882,000 after acquiring an additional 16,664 shares in the last quarter. Avantax Advisory Services Inc. lifted its position in Credo Technology Group by 90.2% in the 1st quarter. Avantax Advisory Services Inc. now owns 10,345 shares of the company’s stock valued at $415,000 after acquiring an additional 4,905 shares in the last quarter. Cetera Investment Advisers boosted its stake in Credo Technology Group by 213.6% during the 1st quarter. Cetera Investment Advisers now owns 37,495 shares of the company’s stock valued at $1,506,000 after purchasing an additional 25,539 shares during the last quarter. LPL Financial LLC increased its holdings in Credo Technology Group by 363.1% during the 1st quarter. LPL Financial LLC now owns 226,644 shares of the company’s stock worth $9,102,000 after purchasing an additional 177,708 shares in the last quarter. Finally, Harbour Investments Inc. bought a new stake in Credo Technology Group during the 1st quarter worth approximately $29,000. 80.46% of the stock is owned by 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.