Credo Technology Group (NASDAQ:CRDO) Trading Down 7.7% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price fell 7.7% during mid-day trading on Friday . The stock traded as low as $125.11 and last traded at $124.4050. 2,887,927 shares were traded during mid-day trading, a decline of 46% from the average session volume of 5,374,132 shares. The stock had previously closed at $134.73.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. William Blair started coverage on Credo Technology Group in a report on Thursday, September 18th. They set an “outperform” rating on the stock. TD Cowen began coverage on Credo Technology Group in a research report on Wednesday, October 1st. They issued a “buy” rating and a $170.00 target price for the company. Stifel Nicolaus set a $160.00 price target on Credo Technology Group in a research report on Wednesday, October 1st. Mizuho boosted their price objective on Credo Technology Group from $135.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, September 4th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Credo Technology Group in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $140.36.

Credo Technology Group Trading Down 2.7%

The company has a 50 day simple moving average of $153.42 and a 200 day simple moving average of $114.65. The stock has a market capitalization of $22.69 billion, a PE ratio of 195.71 and a beta of 2.62.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The business had revenue of $223.07 million for the quarter, compared to analyst estimates of $190.63 million. Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The business’s revenue was up 273.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.04 EPS. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 80,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $143.53, for a total value of $11,482,400.00. Following the completion of the transaction, the chief operating officer directly owned 920,000 shares of the company’s stock, valued at $132,047,600. The trade was a 8.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $163.98, for a total value of $9,018,900.00. Following the completion of the sale, the chief technology officer owned 6,998,961 shares in the company, valued at $1,147,689,624.78. This represents a 0.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 973,161 shares of company stock valued at $149,011,579. Corporate insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mutual of America Capital Management LLC grew its stake in shares of Credo Technology Group by 20.8% in the first quarter. Mutual of America Capital Management LLC now owns 96,651 shares of the company’s stock valued at $3,882,000 after buying an additional 16,664 shares in the last quarter. CWM LLC grew its position in Credo Technology Group by 109.5% in the first quarter. CWM LLC now owns 7,864 shares of the company’s stock valued at $316,000 after acquiring an additional 4,111 shares in the last quarter. Kestra Private Wealth Services LLC acquired a new stake in Credo Technology Group in the first quarter valued at approximately $316,000. IFP Advisors Inc raised its stake in shares of Credo Technology Group by 71.6% during the first quarter. IFP Advisors Inc now owns 7,087 shares of the company’s stock valued at $285,000 after purchasing an additional 2,958 shares during the period. Finally, Teachers Retirement System of The State of Kentucky acquired a new position in shares of Credo Technology Group during the first quarter worth $958,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.