Credo Technology Group (NASDAQ:CRDO) Shares Down 4.4% – Time to Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) was down 4.4% during trading on Thursday . The company traded as low as $176.50 and last traded at $180.92. Approximately 5,621,650 shares changed hands during mid-day trading, an increase of 2% from the average daily volume of 5,532,316 shares. The stock had previously closed at $189.19.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of recent analyst reports. Barclays upped their target price on shares of Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price for the company in a research report on Tuesday. Roth Capital lifted their target price on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday. Mizuho lifted their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, William Blair assumed coverage on Credo Technology Group in a report on Thursday, September 18th. They issued an “outperform” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Buy” and a consensus target price of $206.85.

Credo Technology Group Trading Down 2.7%

The firm has a market capitalization of $31.80 billion, a price-to-earnings ratio of 154.42 and a beta of 2.63. The stock’s 50-day moving average is $155.22 and its 200-day moving average is $123.31.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the prior year, the company earned $0.07 EPS. The firm’s quarterly revenue was up 272.1% compared to the same quarter last year. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Activity

In other Credo Technology Group news, COO Yat Tung Lam sold 80,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $143.53, for a total value of $11,482,400.00. Following the transaction, the chief operating officer directly owned 920,000 shares in the company, valued at approximately $132,047,600. This trade represents a 8.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $148.35, for a total value of $8,159,250.00. Following the completion of the sale, the chief technology officer directly owned 6,833,961 shares in the company, valued at approximately $1,013,818,114.35. The trade was a 0.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 959,371 shares of company stock valued at $147,090,265. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently bought and sold shares of CRDO. Swiss Life Asset Management Ltd increased its holdings in shares of Credo Technology Group by 75.9% during the third quarter. Swiss Life Asset Management Ltd now owns 7,014 shares of the company’s stock worth $1,021,000 after buying an additional 3,027 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Credo Technology Group by 14.8% during the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after buying an additional 111 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in Credo Technology Group during the third quarter valued at about $2,301,000. WBI Investments LLC bought a new stake in Credo Technology Group during the 3rd quarter valued at $451,000. Finally, Coldstream Capital Management Inc. bought a new stake in shares of Credo Technology Group during the third quarter valued at approximately $303,000. 80.46% of the stock is currently owned by institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.