Credo Technology Group (NASDAQ:CRDO) Shares Down 5.9% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price was down 5.9% during mid-day trading on Friday. The stock traded as low as $126.26 and last traded at $131.51. Approximately 6,460,546 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 7,678,014 shares. The stock had previously closed at $139.81.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CRDO shares. Weiss Ratings lowered Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. TD Cowen upped their price objective on Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, August 18th. Mizuho lowered their price objective on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a research note on Monday, September 21st. Susquehanna raised their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Finally, Rosenblatt Securities restated a “neutral” rating and set a $235.00 target price on shares of Credo Technology Group in a research report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $262.67.

Credo Technology Group Trading Down 5.9%

The business’s 50 day moving average is $172.93 and its two-hundred day moving average is $180.33. The company has a market cap of $24.72 billion, a PE ratio of 46.80, a PEG ratio of 0.56 and a beta of 3.29.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The firm had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. During the same quarter in the prior year, the company posted $0.52 earnings per share. The business’s quarterly revenue was up 114.7% compared to the same quarter last year. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Activity

In related news, insider James Laufman sold 5,000 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $205.00, for a total value of $1,025,000.00. Following the completion of the transaction, the insider owned 164,223 shares of the company’s stock, valued at approximately $33,665,715. This trade represents a 2.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Pantas Sutardja sold 1,540 shares of the business’s stock in a transaction on Monday, October 12th. The shares were sold at an average price of $212.22, for a total transaction of $326,818.80. Following the transaction, the director owned 5,890,494 shares in the company, valued at $1,250,080,636.68. This trade represents a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 352,538 shares of company stock worth $67,200,077. 9.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Orion Capital Management LLC acquired a new position in shares of Credo Technology Group in the second quarter worth about $27,000. Hoey Investments Inc. acquired a new stake in shares of Credo Technology Group in the third quarter valued at about $31,000. AlphaCentric Advisors LLC purchased a new position in Credo Technology Group in the 1st quarter worth approximately $33,000. Burkett Financial Services LLC acquired a new position in Credo Technology Group during the third quarter worth $33,000. Finally, Western Wealth Management LLC purchased a new stake in shares of Credo Technology Group in the first quarter valued at about $38,000. 80.46% of the stock is currently owned by institutional investors.

About Credo Technology Group

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments. The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.