Credo Technology Group (NASDAQ:CRDO) Stock Price Down 9.9% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares were down 9.9% on Friday . The company traded as low as $209.55 and last traded at $213.15. Approximately 5,893,708 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 7,655,609 shares. The stock had previously closed at $236.50.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CRDO shares. Evercore began coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They set an “outperform” rating and a $325.00 target price for the company. JPMorgan Chase & Co. lifted their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. Mizuho increased their price objective on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Jefferies Financial Group raised their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Rothschild & Co Redburn initiated coverage on Credo Technology Group in a research report on Friday, May 1st. They issued a “buy” rating and a $206.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $266.17.

Credo Technology Group Stock Down 9.9%

The company has a market cap of $39.75 billion, a P/E ratio of 85.95, a price-to-earnings-growth ratio of 0.97 and a beta of 3.20. The firm’s 50-day moving average price is $235.28 and its 200-day moving average price is $169.88.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period last year, the firm earned $0.20 EPS. Credo Technology Group’s revenue for the quarter was up 157.0% on a year-over-year basis. As a group, analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 3,790 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $258.71, for a total transaction of $980,510.90. Following the sale, the chief technology officer directly owned 140,358 shares in the company, valued at approximately $36,312,018.18. The trade was a 2.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Fariba Danesh sold 1,100 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total value of $259,974.00. Following the sale, the director directly owned 7,017 shares in the company, valued at $1,658,397.78. This trade represents a 13.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 302,162 shares of company stock worth $70,897,646. Insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. NewEdge Advisors LLC boosted its position in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after acquiring an additional 3,972 shares during the period. Goldman Sachs Group Inc. grew its stake in Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after acquiring an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after acquiring an additional 7,107 shares during the period. CW Advisors LLC bought a new stake in Credo Technology Group during the 2nd quarter worth approximately $288,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

About Credo Technology Group

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.