Credo Technology Group (NASDAQ:CRDO) Trading Down 4.5% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 4.5% on Wednesday . The company traded as low as $229.18 and last traded at $234.82. Approximately 4,869,889 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 7,387,093 shares. The stock had previously closed at $245.97.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Roth Capital increased their price objective on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Rothschild & Co Redburn started coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 target price on the stock. Evercore began coverage on shares of Credo Technology Group in a report on Monday, June 22nd. They set an “outperform” rating and a $325.00 price target on the stock. Finally, Bank of America lifted their price target on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $268.39.

Credo Technology Group Trading Down 4.5%

The company has a market cap of $43.79 billion, a P/E ratio of 94.69, a PEG ratio of 1.19 and a beta of 3.23. The business’s 50 day simple moving average is $242.63 and its 200 day simple moving average is $180.78.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data 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 return on equity of 32.30% and a net margin of 35.37%.The business had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same period in the previous year, the business earned $0.20 earnings per share. The business’s revenue was up 157.0% on a year-over-year basis. Sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,473 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the transaction, the chief technology officer owned 5,772,397 shares in the company, valued at $1,209,490,343.41. This trade represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Tung Lam sold 55,441 shares of Credo Technology Group stock in a transaction that occurred on Friday, July 31st. The stock was 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. The trade was a 2.15% 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 three months, insiders have sold 435,076 shares of company stock valued at $101,043,506. 11.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently bought and sold shares of CRDO. Orion Capital Management LLC purchased a new stake in Credo Technology Group during the second quarter valued at $27,000. Reflection Asset Management purchased a new position in shares of Credo Technology Group in the 4th quarter worth $25,000. Acumen Wealth Advisors LLC bought a new stake in shares of Credo Technology Group in the 4th quarter worth about $25,000. Van ECK Associates Corp bought a new stake in shares of Credo Technology Group in the 4th quarter worth about $37,000. Finally, Quarry LP raised its position in shares of Credo Technology Group by 642.5% during the 3rd quarter. Quarry LP now owns 297 shares of the company’s stock valued at $43,000 after buying an additional 257 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

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.