Credo Technology Group (NASDAQ:CRDO) Stock Price Down 1.1% – Time to Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares dropped 1.1% during mid-day trading on Thursday. The company traded as low as $132.00 and last traded at $139.81. 5,189,292 shares were traded during mid-day trading, a decline of 32% from the average session volume of 7,683,279 shares. The stock had previously closed at $141.41.

Analysts Set New Price Targets

Several brokerages have commented on CRDO. Mizuho lowered their price objective on Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a research report on Monday, September 21st. JPMorgan Chase & Co. reduced their target price on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Susquehanna increased their price target 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. Finally, Bank of America lowered their price target on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $262.67.

Credo Technology Group Stock Performance

The stock has a market capitalization of $26.28 billion, a P/E ratio of 49.75, a PEG ratio of 0.52 and a beta of 3.29. The business has a 50-day moving average price of $173.44 and a 200 day moving average price of $180.27.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The company had revenue of $479.00 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 114.7% on a year-over-year basis. During the same quarter last year, the company earned $0.52 EPS. As a group, research analysts forecast 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 news, CFO Daniel Fleming sold 7,580 shares of the stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $212.91, for a total value 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. This represents a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 on Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total value of $4,513,300.00. Following the transaction, the chief technology officer owned 5,552,397 shares of the company’s stock, valued at $911,259,395.64. The trade was a 0.49% decrease in their ownership of the stock. 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 90 days, insiders sold 352,538 shares of company stock valued at $67,200,077. 9.06% of the stock is currently owned by corporate insiders.

Institutional Trading of Credo Technology Group

Several institutional investors have recently bought and sold shares of the company. Orion Capital Management LLC bought a new stake in Credo Technology Group during the 2nd quarter valued at about $27,000. Hoey Investments Inc. bought a new position in shares of Credo Technology Group in the third quarter worth approximately $31,000. AlphaCentric Advisors LLC purchased a new stake in shares of Credo Technology Group during the first quarter valued at approximately $33,000. Burkett Financial Services LLC purchased a new stake in shares of Credo Technology Group during the third quarter valued at approximately $33,000. Finally, Western Wealth Management LLC purchased a new stake in shares of Credo Technology Group during the first quarter valued at approximately $38,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments. The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.