Credo Technology Group (NASDAQ:CRDO) Trading Down 4.4% – Here’s What Happened

by · The Cerbat Gem

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Get Free Report) were down 4.4% during mid-day trading on Wednesday . The company traded as low as $132.76 and last traded at $134.13. Approximately 4,723,820 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 5,554,986 shares. The stock had previously closed at $140.34.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CRDO. Wolfe Research set a $240.00 price objective on Credo Technology Group in a research report on Tuesday, December 2nd. TD Cowen raised their target price on Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Barclays lifted their price target on Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a report on Tuesday, December 2nd. Wall Street Zen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Finally, Cowen restated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus price target of $206.85.

Read Our Latest Research Report on CRDO

Credo Technology Group Stock Performance

The stock has a market capitalization of $24.23 billion, a price-to-earnings ratio of 117.66 and a beta of 2.63. The business has a 50-day moving average of $156.68 and a 200-day moving average of $128.78.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last posted its earnings results 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 for the quarter, compared to analysts’ expectations of $234.99 million. During the same quarter in the prior year, the company posted $0.07 earnings per share. Credo Technology Group’s revenue for the quarter was up 272.1% compared to the same quarter last year. Equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 112,580 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the sale, the chief financial officer owned 458,678 shares in the company, valued at approximately $63,389,299.60. This trade represents a 19.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $150.34, for a total value of $8,268,700.00. Following the completion of the sale, the chief technology officer directly owned 6,723,961 shares in the company, valued at approximately $1,010,880,296.74. The trade was a 0.81% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,276,246 shares of company stock valued at $195,921,033. Company insiders own 11.84% 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 company. Northwestern Mutual Wealth Management Co. purchased a new position in Credo Technology Group during the 1st quarter valued at about $25,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Credo Technology Group during the third quarter worth about $25,000. First Horizon Corp acquired a new stake in shares of Credo Technology Group during the third quarter worth about $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Credo Technology Group in the second quarter valued at approximately $27,000. Finally, Virtus Advisers LLC acquired a new position in shares of Credo Technology Group in the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

(Get Free Report)

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.

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