Credo Technology Group (NASDAQ:CRDO) Trading Down 2.8% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price dropped 2.8% on Wednesday . The stock traded as low as $148.58 and last traded at $156.84. Approximately 4,895,211 shares traded hands during trading, a decline of 25% from the average daily volume of 6,487,641 shares. The stock had previously closed at $161.38.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Wolfe Research set a $240.00 price target on Credo Technology Group in a research note on Tuesday, December 2nd. KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price on the stock in a research report on Tuesday, December 2nd. Bank of America increased their target price on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. William Blair assumed coverage on shares of Credo Technology Group in a research note on Thursday, September 18th. They issued an “outperform” rating for the company. Finally, New Street Research set a $240.00 price target on shares of Credo Technology Group in a report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $217.08.

Credo Technology Group Stock Down 2.8%

The stock has a market capitalization of $28.33 billion, a P/E ratio of 137.58 and a beta of 2.66. The company has a 50 day moving average of $153.73 and a 200-day moving average of $138.09.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping 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 25.28%. The company had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. During the same period in the prior year, the company earned $0.07 earnings per share. The firm’s revenue was up 272.1% compared to the same quarter last year. Equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $156.32, for a total transaction of $8,597,600.00. Following the completion of the transaction, the chief technology officer directly owned 6,668,961 shares of the company’s stock, valued at approximately $1,042,491,983.52. This represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’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 value of $8,561,500.00. Following the completion of the sale, the chief executive officer directly owned 1,942,502 shares in the company, valued at approximately $332,614,617.46. This trade represents a 2.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,088,276 shares of company stock worth $167,068,167 over the last ninety days. Company insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of large investors have recently modified their holdings of CRDO. Atlantic Union Bankshares Corp acquired a new position in Credo Technology Group during the 3rd quarter valued at about $25,000. First Horizon Corp acquired a new position in shares of Credo Technology Group during the third quarter worth approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Credo Technology Group in the 2nd quarter worth approximately $27,000. Smartleaf Asset Management LLC grew its holdings in Credo Technology Group by 133.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after buying an additional 147 shares in the last quarter. Finally, Park Place Capital Corp acquired a new stake in Credo Technology Group in the 3rd quarter valued at approximately $41,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.