Credo Technology Group (NASDAQ:CRDO) Shares Down 7.2% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded down 7.2% during mid-day trading on Thursday . The stock traded as low as $96.15 and last traded at $96.44. 5,497,357 shares changed hands during trading, a decline of 24% from the average session volume of 7,249,956 shares. The stock had previously closed at $103.91.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Rosenblatt Securities restated a “neutral” rating and set a $125.00 price target on shares of Credo Technology Group in a research report on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. The Goldman Sachs Group set a $165.00 price objective on Credo Technology Group and gave the stock a “buy” rating in a research note on Thursday, February 19th. Mizuho decreased their target price on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $206.33.

Credo Technology Group Price Performance

The company’s 50 day moving average price is $120.00 and its two-hundred day moving average price is $141.93. The stock has a market capitalization of $17.79 billion, a PE ratio of 53.58 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. Credo Technology Group’s revenue was up 201.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.25 EPS. Analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $107.90, for a total transaction of $2,967,250.00. Following the transaction, the chief technology officer owned 6,244,870 shares in the company, valued at approximately $673,821,473. This trade represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $2,120,122.88. Following the transaction, the chief executive officer directly owned 234,609 shares in the company, valued at $27,608,787.12. This trade represents a 7.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 426,101 shares of company stock valued at $56,010,645. 11.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of CRDO. Crewe Advisors LLC boosted its holdings in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the last quarter. Reflection Asset Management acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $25,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Credo Technology Group during the 3rd quarter valued at approximately $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at approximately $25,000. Finally, First Horizon Corp acquired a new position in Credo Technology Group in the third quarter valued at approximately $26,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.