Credo Technology Group (NASDAQ:CRDO) Trading Down 6.7% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) was down 6.7% during trading on Friday . The stock traded as low as $171.02 and last traded at $172.17. Approximately 5,486,721 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 7,032,438 shares. The stock had previously closed at $184.54.

Analyst Upgrades and Downgrades

Several research firms recently commented on CRDO. Mizuho decreased their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 3rd. Weiss Ratings downgraded shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, April 24th. Needham & Company LLC restated a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a research note on Wednesday, April 15th. Roth Mkm reduced their price objective on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Finally, Jefferies Financial Group started coverage on Credo Technology Group in a report on Monday, April 13th. They set a “buy” rating and a $175.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $207.71.

Credo Technology Group Trading Down 6.7%

The company has a market cap of $31.76 billion, a PE ratio of 95.65 and a beta of 3.17. The stock has a 50 day moving average price of $139.79 and a 200 day moving average price of $142.52.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. The company had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm’s revenue for the quarter was up 201.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 EPS. Equities analysts expect that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm’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 value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at $737,630,712. This trade represents a 0.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 386,608 shares of company stock valued at $50,371,351. 11.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company increased its position in Credo Technology Group by 192.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock valued at $98,290,000 after buying an additional 688,596 shares in the last quarter. Estuary Capital Management LP increased its position in Credo Technology Group by 87.4% during the 1st quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock valued at $38,696,000 after buying an additional 192,218 shares in the last quarter. Quantinno Capital Management LP increased its position in Credo Technology Group by 68.4% during the 1st quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock valued at $3,203,000 after buying an additional 13,859 shares in the last quarter. SummitTX Capital L.P. increased its position in Credo Technology Group by 112.9% during the 1st quarter. SummitTX Capital L.P. now owns 6,816 shares of the company’s stock valued at $640,000 after buying an additional 3,614 shares in the last quarter. Finally, Lazard Asset Management LLC increased its position in Credo Technology Group by 55.6% during the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock valued at $6,294,000 after buying an additional 23,949 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

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.