Credo Technology Group (NASDAQ:CRDO) Trading Down 5.2% – Should You Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price was down 5.2% during trading on Thursday . The stock traded as low as $121.67 and last traded at $121.78. Approximately 6,400,298 shares changed hands during trading, a decline of 12% from the average daily volume of 7,256,224 shares. The stock had previously closed at $128.40.

Analysts Set New Price Targets

A number of research firms have recently commented on CRDO. Mizuho raised 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. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a report on Tuesday, December 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. TD Cowen restated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Finally, Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $212.69.

Credo Technology Group Stock Down 0.3%

The stock’s fifty day moving average is $139.52 and its two-hundred day moving average is $142.77. The firm has a market capitalization of $21.94 billion, a price-to-earnings ratio of 106.53 and a beta of 2.65.

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

Insider Buying and Selling

In related news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $128.67, for a total transaction of $241,256.25. Following the completion of the sale, the director owned 5,892,034 shares of the company’s stock, valued at approximately $758,128,014.78. The trade was a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sylvia Acevedo sold 2,200 shares of the stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total transaction of $350,196.00. Following the completion of the transaction, the director directly owned 18,545 shares in the company, valued at approximately $2,951,993.10. This represents a 10.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 917,976 shares of company stock valued at $136,567,647. Insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRDO. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group in the 3rd quarter worth about $25,000. Crewe Advisors LLC lifted 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 acquiring an additional 106 shares during the period. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth $25,000. First Horizon Corp bought a new position in shares of Credo Technology Group in the third quarter worth $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Credo Technology Group in the second quarter valued at about $27,000. 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.