Credo Technology Group (NASDAQ:CRDO) Stock Price Down 1.1% – Should You Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price fell 1.1% during trading on Thursday. The company traded as low as $132.00 and last traded at $139.81. Approximately 5,189,292 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 7,683,279 shares. The stock had previously closed at $141.41.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CRDO shares. Stifel Nicolaus lowered their price objective on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Barclays raised their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Weiss Ratings downgraded shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 6th. TD Cowen upped their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Finally, Evercore set a $292.00 price target on shares of Credo Technology Group in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $262.67.

Credo Technology Group Stock Performance

The business has a 50-day simple moving average of $173.44 and a 200 day simple moving average of $180.27. The firm has a market cap of $26.28 billion, a P/E ratio of 49.75, a price-to-earnings-growth ratio of 0.52 and a beta of 3.29.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. During the same quarter last year, the business posted $0.52 EPS. The business’s revenue was up 114.7% on a year-over-year basis. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Insider Buying and Selling

In other Credo Technology Group news, Director Pantas Sutardja sold 1,540 shares of the business’s stock in a transaction on Monday, October 12th. The shares were sold at an average price of $212.22, for a total transaction of $326,818.80. Following the transaction, the director directly owned 5,890,494 shares of the company’s stock, valued at approximately $1,250,080,636.68. The trade was a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 5,000 shares of the business’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $205.00, for a total transaction of $1,025,000.00. Following the transaction, the insider directly owned 164,223 shares in the company, valued at approximately $33,665,715. The trade was a 2.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 352,538 shares of company stock valued at $67,200,077 over the last three months. Insiders own 9.06% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Orion Capital Management LLC purchased a new position in shares of Credo Technology Group during the second quarter valued at about $27,000. Hoey Investments Inc. purchased a new stake in Credo Technology Group in the third quarter worth about $31,000. Burkett Financial Services LLC purchased a new stake in Credo Technology Group in the third quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. boosted its position in Credo Technology Group by 4,900.0% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 200 shares of the company’s stock valued at $39,000 after acquiring an additional 196 shares in the last quarter. Finally, Alpine Bank Wealth Management bought a new stake in Credo Technology Group during the 3rd quarter valued at approximately $40,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

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.