Credo Technology Group (NASDAQ:CRDO) Stock Price Down 7.3% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price was down 7.3% during mid-day trading on Monday. The company traded as low as $200.24 and last traded at $200.84. Approximately 8,130,315 shares changed hands during mid-day trading, an increase of 8% from the average daily volume of 7,540,689 shares. The stock had previously closed at $216.55.

Analyst Ratings Changes

Several brokerages recently commented on CRDO. Stifel Nicolaus cut their price objective on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Susquehanna upped their target price on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Mizuho cut their price target on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a report on Monday, September 21st. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Rosenblatt Securities boosted their price objective on shares of Credo Technology Group from $215.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $262.67.

Credo Technology Group Stock Down 7.3%

The stock has a market capitalization of $37.75 billion, a P/E ratio of 71.47, a P/E/G ratio of 0.86 and a beta of 3.25. The business has a fifty day moving average price of $209.13 and a 200-day moving average price of $202.53.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The company had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $473.30 million. During the same period last year, the firm posted $0.52 earnings per share. Credo Technology Group’s revenue was up 114.7% compared to the same quarter last year. On average, equities analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, COO Yat Lam sold 55,441 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. This represents a 2.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $193.12, for a total transaction of $5,310,800.00. Following the sale, the chief technology officer directly owned 5,689,897 shares in the company, valued at approximately $1,098,832,908.64. The trade was a 0.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 428,376 shares of company stock valued at $87,012,128. 9.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CRDO. Orion Capital Management LLC bought a new stake in Credo Technology Group in the 2nd quarter worth approximately $27,000. Burkett Financial Services LLC purchased a new stake in Credo Technology Group during the 3rd quarter valued at $33,000. Reflection Asset Management bought a new position in shares of Credo Technology Group during the 4th quarter valued at $25,000. Elevation Wealth Partners LLC lifted its holdings in shares of Credo Technology Group by 292.9% during the 3rd quarter. Elevation Wealth Partners LLC now owns 275 shares of the company’s stock valued at $54,000 after buying an additional 205 shares during the period. Finally, AlphaCentric Advisors LLC purchased a new position in shares of Credo Technology Group in the 1st quarter worth $33,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company’s product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.