Credo Technology Group (NASDAQ:CRDO) Trading Down 2.8% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded down 2.8% on Monday . The stock traded as low as $222.91 and last traded at $226.19. 4,240,158 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 7,194,993 shares. The stock had previously closed at $232.75.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Wall Street Zen downgraded Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Mizuho raised their price objective on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. Roth Capital lifted their price objective on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Credo Technology Group in a report on Friday, August 21st. Finally, JPMorgan Chase & Co. raised their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $268.39.

Credo Technology Group Stock Down 2.8%

The firm’s 50 day moving average is $238.64 and its 200 day moving average is $187.33. The firm has a market capitalization of $42.51 billion, a price-to-earnings ratio of 91.21, a price-to-earnings-growth ratio of 1.06 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The firm’s quarterly revenue was up 157.0% on a year-over-year basis. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 55,441 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the completion of the sale, the chief operating officer directly owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. This represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the sale, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 435,076 shares of company stock valued at $101,043,506. 11.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System raised its position in shares of Credo Technology Group by 28,062.9% in the second quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company’s stock valued at $18,449,190,000 after purchasing an additional 67,599,489 shares during the period. Corient Private Wealth LLC boosted its holdings in shares of Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after buying an additional 3,597,318 shares during the period. Amundi grew its stake in Credo Technology Group by 28,478.2% in the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock valued at $224,439,000 after buying an additional 1,554,338 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Credo Technology Group by 841.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after acquiring an additional 1,422,391 shares during the period. Finally, Bank of America Corp DE raised its holdings in Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the period. 80.46% of the stock is owned by institutional investors.

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.