Credo Technology Group (NASDAQ:CRDO) Trading Down 5.2% Following Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded down 5.2% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $129.51 and last traded at $132.95. 7,325,332 shares changed hands during trading, an increase of 4% from the average session volume of 7,055,267 shares. The stock had previously closed at $140.24.

Specifically, CTO Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $143.61, for a total value of $4,308,300.00. Following the completion of the sale, the chief technology officer directly owned 6,418,961 shares of the company’s stock, valued at approximately $921,826,989.21. The trade was a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several research firms have recently issued reports on CRDO. Mizuho raised their price objective on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 target price on Credo Technology Group in a research report on Wednesday, October 1st. TD Cowen raised their price target on Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. William Blair started coverage on shares of Credo Technology Group in a research note on Thursday, September 18th. They set an “outperform” rating for the company. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $206.85.

Credo Technology Group Stock Down 5.2%

The company has a market capitalization of $24.01 billion, a price-to-earnings ratio of 116.62 and a beta of 2.66. The company has a 50 day simple moving average of $156.72 and a 200 day simple moving average of $135.69.

Credo Technology Group (NASDAQ:CRDO) last released 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 business had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company’s revenue was up 272.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 EPS. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Northwestern Mutual Wealth Management Co. purchased a new position in Credo Technology Group in the first quarter valued at about $25,000. Atlantic Union Bankshares Corp acquired a new position in Credo Technology Group during the 3rd quarter worth approximately $25,000. First Horizon Corp acquired a new position in Credo Technology Group during the 3rd quarter worth approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Credo Technology Group in the 2nd quarter worth approximately $27,000. Finally, Smartleaf Asset Management LLC grew its position in Credo Technology Group by 133.6% in the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after acquiring an additional 147 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other 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.