Credo Technology Group (NASDAQ:CRDO) Stock Price Down 4%

Credo Technology Group Holding Ltd (NASDAQ:CRDOGet Rating) was down 4% during mid-day trading on Thursday . The company traded as low as $12.22 and last traded at $12.36. Approximately 447,294 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 638,345 shares. The stock had previously closed at $12.88.

A number of analysts recently issued reports on CRDO shares. Mizuho decreased their target price on Credo Technology Group from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, April 26th. Needham & Company LLC decreased their target price on Credo Technology Group from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, June 2nd. Cowen upped their target price on Credo Technology Group from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, March 10th. Roth Capital upped their target price on Credo Technology Group from $20.00 to $25.00 in a research report on Thursday, March 10th. Finally, Stifel Nicolaus decreased their target price on Credo Technology Group to $19.00 and set a “buy” rating for the company in a research report on Wednesday, April 13th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $20.13.

The business has a 50-day moving average of $11.24.

Credo Technology Group (NASDAQ:CRDOGet Rating) last posted its quarterly earnings data on Wednesday, June 1st. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $37.53 million for the quarter, compared to analyst estimates of $36.35 million. The firm’s revenue for the quarter was up 90.0% on a year-over-year basis. On average, equities analysts predict that Credo Technology Group Holding Ltd will post 0.16 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $26,000. Royal Bank of Canada acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $26,000. UBS Group AG acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $69,000. Strs Ohio acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $79,000. Finally, Bank of America Corp DE acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $135,000. 0.37% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile (NASDAQ:CRDO)

Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Malaysia, Hong Kong, and internationally. Its products include integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.

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