Credo Technology Group (NASDAQ:CRDO) Shares Down 4.6% – Time to Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded down 4.6% during mid-day trading on Wednesday . The stock traded as low as $186.00 and last traded at $189.36. 6,598,989 shares were traded during trading, a decline of 7% from the average session volume of 7,060,066 shares. The stock had previously closed at $198.57.

Wall Street Analyst Weigh In

CRDO has been the subject of several research analyst reports. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 price objective for the company. Barclays restated an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Rosenblatt Securities upped their price target on Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Mizuho decreased their price objective on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, March 3rd. Finally, Jefferies Financial Group assumed coverage on Credo Technology Group in a research report on Monday, April 13th. They set a “buy” rating and a $175.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $207.71.

Credo Technology Group Stock Performance

The stock has a 50-day moving average of $135.15 and a two-hundred day moving average of $141.83. The company has a market cap of $34.93 billion, a P/E ratio of 105.20 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last released its 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. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. During the same period in the prior year, the firm posted $0.25 earnings per share. The company’s quarterly revenue was up 201.5% on a year-over-year basis. Research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Activity

In related news, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the sale, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 386,608 shares of company stock valued at $50,371,351 over the last ninety days. Corporate insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Credo Technology Group by 9.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after acquiring an additional 23,332 shares during the period. Optimize Financial Inc bought a new position in Credo Technology Group in the 3rd quarter worth $1,431,000. Estate Counselors LLC purchased a new position in Credo Technology Group during the third quarter valued at $2,548,000. Global Trust Asset Management LLC purchased a new position in Credo Technology Group during the third quarter valued at $2,167,000. Finally, M&T Bank Corp grew its holdings in Credo Technology Group by 428.8% during the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after purchasing an additional 10,888 shares during the period. 80.46% of the stock is currently owned by hedge funds and other 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.