Credo Technology Group (NASDAQ:CRDO) Stock Price Down 5.9% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded down 5.9% during mid-day trading on Friday. The company traded as low as $126.26 and last traded at $131.51. Approximately 6,460,546 shares changed hands during trading, a decline of 16% from the average session volume of 7,678,014 shares. The stock had previously closed at $139.81.

Analyst Ratings Changes

Several equities research analysts recently commented on CRDO shares. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, October 6th. TD Cowen upped their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, August 18th. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Bank of America dropped their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research report on Wednesday, September 2nd. Finally, Stifel Nicolaus dropped their target price on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $262.67.

Credo Technology Group Price Performance

The stock has a market capitalization of $24.72 billion, a price-to-earnings ratio of 46.80, a price-to-earnings-growth ratio of 0.56 and a beta of 3.29. The stock has a 50 day moving average price of $172.28 and a 200-day moving average price of $180.34.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating the consensus estimate 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 revenue was up 114.7% compared to the same quarter last year. During the same period in the prior 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 year.

Insider Buying and Selling

In related news, COO Yat Lam sold 50,000 shares of the company’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $206.30, for a total transaction of $10,315,000.00. Following the completion of the sale, the chief operating officer owned 2,479,169 shares of the company’s stock, valued at approximately $511,452,564.70. This represents a 1.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Brennan sold 16,672 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $151.88, for a total transaction of $2,532,143.36. Following the completion of the sale, the chief executive officer owned 1,600,830 shares of the company’s stock, valued at approximately $243,134,060.40. The trade was a 1.03% 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. Over the last three months, insiders have sold 352,538 shares of company stock worth $67,200,077. 9.06% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Orion Capital Management LLC acquired a new stake in shares of Credo Technology Group in the 2nd quarter worth $27,000. Hoey Investments Inc. purchased a new position in Credo Technology Group during the third quarter worth about $31,000. AlphaCentric Advisors LLC purchased a new position in Credo Technology Group during the first quarter worth about $33,000. Burkett Financial Services LLC purchased a new position in Credo Technology Group during the third quarter worth about $33,000. Finally, Western Wealth Management LLC acquired a new position in Credo Technology Group in the 1st quarter valued at about $38,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.