Credo Technology Group (NASDAQ:CRDO) Stock Price Down 3.1% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price was down 3.1% during mid-day trading on Tuesday . The company traded as low as $111.49 and last traded at $112.33. Approximately 5,648,721 shares changed hands during trading, a decline of 22% from the average daily volume of 7,256,755 shares. The stock had previously closed at $115.98.

Analyst Ratings Changes

Several brokerages have commented on CRDO. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. KGI Securities raised shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a research note on Tuesday, December 2nd. Finally, Rosenblatt Securities decreased their target price on shares of Credo Technology Group from $170.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus target price of $206.33.

Credo Technology Group Stock Down 3.7%

The company’s 50-day moving average is $127.91 and its two-hundred day moving average is $143.24. The company has a market capitalization of $20.58 billion, a P/E ratio of 61.98 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The business 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%. The business’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.25 EPS. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $150.77, for a total value of $8,292,350.00. Following the transaction, the chief technology officer owned 6,503,961 shares of the company’s stock, valued at $980,602,199.97. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.69, for a total value of $6,384,500.00. Following the sale, the chief executive officer owned 1,832,502 shares in the company, valued at $233,992,180.38. The trade was a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 423,085 shares of company stock valued at $59,514,322 over the last quarter. 11.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently modified their holdings of the company. California Public Employees Retirement System lifted its stake in shares of Credo Technology Group by 17.2% in the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after acquiring an additional 37,772 shares during the last quarter. Optimize Financial Inc purchased a new stake in shares of Credo Technology Group during the third quarter valued at approximately $1,431,000. Estate Counselors LLC purchased a new stake in shares of Credo Technology Group during the third quarter valued at approximately $2,548,000. Global Trust Asset Management LLC bought a new position in shares of Credo Technology Group in the third quarter worth approximately $2,167,000. Finally, New York State Common Retirement Fund increased its stake in shares of Credo Technology Group by 106.5% in the third quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock worth $21,279,000 after buying an additional 75,369 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

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.