Credo Technology Group (NASDAQ:CRDO) Shares Down 6.6% Following Insider Selling

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 6.6% on Thursday after an insider sold shares in the company. The stock traded as low as $233.17 and last traded at $241.91. Approximately 9,029,009 shares changed hands during trading, an increase of 15% from the average daily volume of 7,871,160 shares. The stock had previously closed at $259.09.

Specifically, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $269.84, for a total transaction of $7,420,600.00. Following the sale, the chief technology officer directly owned 5,909,870 shares of the company’s stock, valued at approximately $1,594,719,320.80. This trade represents a 0.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analyst Weigh In

CRDO has been the subject of several analyst reports. Rosenblatt Securities boosted their price objective on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Roth Mkm lifted their price target on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Susquehanna boosted their price target on Credo Technology Group from $200.00 to $235.00 and gave the company a “positive” rating in a report on Tuesday, June 2nd. TD Cowen upped their price objective on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $263.11.

Credo Technology Group Trading Down 6.6%

The business has a fifty day moving average of $218.70 and a two-hundred day moving average of $159.18. The company has a market cap of $45.11 billion, a price-to-earnings ratio of 97.54, a PEG ratio of 1.24 and a beta of 3.19.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same period in the previous year, the business earned $0.20 earnings per share. The business’s revenue was up 157.0% compared to the same quarter last year. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in CRDO. NewEdge Advisors LLC increased its stake in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after buying an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after buying an additional 7,107 shares during the last quarter. CW Advisors LLC purchased a new stake in Credo Technology Group during the 2nd quarter worth approximately $288,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after acquiring an additional 333 shares during the last quarter. 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.