Credo Technology Group (NASDAQ:CRDO) Stock Price Down 5%

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares were down 5% during mid-day trading on Monday . The stock traded as low as $34.57 and last traded at $34.61. Approximately 779,974 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 2,108,338 shares. The stock had previously closed at $36.45.

Analysts Set New Price Targets

Several research firms have recently commented on CRDO. Needham & Company LLC raised their target price on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Stifel Nicolaus lifted their price objective on Credo Technology Group from $30.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, July 18th. TD Cowen increased their target price on Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Bank of America reaffirmed an “underperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. Finally, Barclays raised their target price on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average price target of $30.38.

Credo Technology Group Stock Down 3.6 %

The firm has a market capitalization of $5.63 billion, a PE ratio of -189.44 and a beta of 2.23. The business’s fifty day moving average price is $30.12 and its 200 day moving average price is $24.45.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. The business had revenue of $60.78 million during the quarter, compared to analyst estimates of $60.50 million. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 20,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $25.15, for a total value of $503,000.00. Following the transaction, the chief financial officer now directly owns 704,174 shares in the company, valued at approximately $17,709,976.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the completion of the transaction, the director now directly owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Daniel W. Fleming sold 20,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $25.15, for a total value of $503,000.00. Following the completion of the transaction, the chief financial officer now owns 704,174 shares in the company, valued at approximately $17,709,976.10. The disclosure for this sale can be found here. Insiders have sold a total of 906,678 shares of company stock worth $27,388,494 in the last quarter. 23.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. Vanguard Group Inc. boosted its stake in Credo Technology Group by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after acquiring an additional 1,072,301 shares during the last quarter. Driehaus Capital Management LLC grew its stake in Credo Technology Group by 3.1% in the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares in the last quarter. D. E. Shaw & Co. Inc. increased its holdings in Credo Technology Group by 9.1% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock valued at $77,660,000 after buying an additional 203,739 shares during the last quarter. Jennison Associates LLC raised its stake in Credo Technology Group by 1.9% during the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock valued at $50,332,000 after buying an additional 45,396 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Credo Technology Group by 13.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock worth $67,473,000 after buying an additional 242,428 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.