Credo Technology Group (NASDAQ:CRDO) Stock Price Down 9.5% – Time to Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares fell 9.5% during mid-day trading on Wednesday. The company traded as low as $130.26 and last traded at $136.50. Approximately 10,658,555 shares traded hands during trading, an increase of 40% from the average daily volume of 7,634,610 shares. The stock had previously closed at $150.91.

Analyst Ratings Changes

A number of brokerages have recently commented on CRDO. Susquehanna lifted their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Barclays boosted their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Evercore set a $292.00 price target on Credo Technology Group in a research note on Wednesday, September 2nd. Mizuho decreased their price objective on Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a report on Monday, September 21st. Finally, Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $262.67.

Credo Technology Group Stock Down 9.6%

The stock has a market capitalization of $25.63 billion, a PE ratio of 48.53, a P/E/G ratio of 0.56 and a beta of 3.29. The business’s fifty day moving average is $185.15 and its 200-day moving average is $180.71.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The firm had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The firm’s quarterly revenue was up 114.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.52 earnings per share. As a group, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Activity at Credo Technology Group

In other news, CFO Daniel Fleming sold 7,580 shares of Credo Technology Group stock in a transaction dated Thursday, October 8th. The stock was sold at an average price of $212.91, for a total transaction of $1,613,857.80. Following the sale, the chief financial officer directly owned 492,208 shares of the company’s stock, valued at approximately $104,796,005.28. The trade was a 1.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Pantas Sutardja sold 1,540 shares of the business’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $212.22, for a total value of $326,818.80. Following the completion of the transaction, the director owned 5,890,494 shares in the company, valued at approximately $1,250,080,636.68. This trade represents a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 352,538 shares of company stock valued at $67,200,077. 9.06% of the stock is currently owned by insiders.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. California State Teachers Retirement System lifted its holdings in Credo Technology Group by 2.2% in the first quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after purchasing an additional 5,113 shares during the period. Corsair Capital Management L.P. acquired a new position in Credo Technology Group during the 1st quarter valued at about $469,000. Lazard Asset Management LLC raised its position in shares of Credo Technology Group by 55.6% during the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock worth $6,294,000 after buying an additional 23,949 shares in the last quarter. Quantinno Capital Management LP raised its position in shares of Credo Technology Group by 68.4% during the 1st quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock worth $3,203,000 after buying an additional 13,859 shares in the last quarter. Finally, Estuary Capital Management LP lifted its stake in shares of Credo Technology Group by 87.4% in the 1st quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock worth $38,696,000 after acquiring an additional 192,218 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.