Credo Technology Group (NASDAQ:CRDO) Shares Down 11% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price fell 11% during mid-day trading on Tuesday . The stock traded as low as $102.25 and last traded at $104.06. 15,484,182 shares were traded during mid-day trading, an increase of 111% from the average session volume of 7,354,780 shares. The stock had previously closed at $116.88.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Stifel Nicolaus set a $200.00 price target on Credo Technology Group in a research report on Tuesday, March 3rd. Wolfe Research set a $240.00 price objective on Credo Technology Group in a research report on Tuesday, December 2nd. Mizuho reduced their target price on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, March 3rd. Susquehanna decreased their target price on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a report on Tuesday, March 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $206.33.

Credo Technology Group Trading Down 11.0%

The firm has a market capitalization of $19.19 billion, a P/E ratio of 57.81 and a beta of 2.67. The company has a 50-day moving average of $126.29 and a 200-day moving average of $143.24.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly 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 firm had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The business’s revenue was up 201.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.25 EPS. Research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at approximately $737,630,712. The trade was a 0.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction on 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 directly owned 5,892,034 shares in the company, valued at approximately $758,128,014.78. This represents a 0.03% 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 463,601 shares of company stock valued at $62,835,745. Insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. California Public Employees Retirement System increased its holdings in Credo Technology Group by 17.2% in the second quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock worth $23,848,000 after purchasing an additional 37,772 shares in the last quarter. Optimize Financial Inc acquired a new position in Credo Technology Group in the third quarter valued at approximately $1,431,000. Estate Counselors LLC bought a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $2,548,000. Global Trust Asset Management LLC acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $2,167,000. Finally, New York State Common Retirement Fund grew its position in shares of Credo Technology Group by 106.5% during the 3rd quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock worth $21,279,000 after buying an additional 75,369 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.