Credo Technology Group (NASDAQ:CRDO) Shares Down 3.2% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 3.2% during trading on Friday . The stock traded as low as $123.59 and last traded at $125.28. Approximately 6,627,470 shares changed hands during mid-day trading, an increase of 8% from the average daily volume of 6,152,461 shares. The stock had previously closed at $129.47.

Analyst Ratings Changes

A number of brokerages have issued reports on CRDO. Weiss Ratings reissued a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Mizuho increased their price target on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Barclays reissued an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a report on Thursday, January 15th. TD Cowen restated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Finally, KGI Securities upgraded Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price on the stock in a research note on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $216.54.

Credo Technology Group Trading Down 3.2%

The company has a market cap of $22.63 billion, a price-to-earnings ratio of 109.90 and a beta of 2.66. The stock has a 50-day simple moving average of $150.50 and a 200-day simple moving average of $141.83.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company’s revenue was up 272.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.07 earnings per share. As a group, research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, December 29th. The stock was sold at an average price of $143.41, for a total transaction of $7,887,550.00. Following the completion of the transaction, the chief technology officer directly owned 6,448,961 shares of the company’s stock, valued at approximately $924,845,497.01. This trade represents a 0.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total value of $7,658,000.00. Following the completion of the sale, the chief executive officer directly owned 1,892,502 shares in the company, valued at $289,855,606.32. This represents a 2.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 822,460 shares of company stock worth $124,493,784 over the last three months. Corporate insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Crewe Advisors LLC boosted its position in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the third quarter valued at approximately $25,000. First Horizon Corp bought a new stake in Credo Technology Group during the third quarter worth approximately $26,000. Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group in the fourth quarter worth approximately $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in shares of Credo Technology Group in the fourth quarter valued at $36,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.