Credo Technology Group (NASDAQ:CRDO) Stock Price Down 5.1% - Time to Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report)'s share price fell 5.1% during trading on Friday . The company traded as low as $94.01 and last traded at $93.39. 1,306,584 shares changed hands during trading, a decline of 76% from the average session volume of 5,350,633 shares. The stock had previously closed at $98.45.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRDO. Mizuho boosted their price objective on Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. TD Cowen boosted their price objective on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Stifel Nicolaus boosted their price objective on Credo Technology Group from $80.00 to $115.00 and gave the stock a "buy" rating in a report on Friday. Finally, Susquehanna restated a "positive" rating and set a $90.00 price objective (up previously from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and an average price target of $85.64.

Credo Technology Group Stock Down 4.5%

The company's fifty day simple moving average is $77.79 and its 200 day simple moving average is $63.51. The firm has a market capitalization of $16.14 billion, a PE ratio of 349.00, a price-to-earnings-growth ratio of 1.82 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The business had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. Credo Technology Group's quarterly revenue was up 179.6% compared to the same quarter last year. During the same period last year, the business posted $0.07 earnings per share. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Activity at Credo Technology Group

In other news, Director Lip Bu Tan sold 171,473 shares of Credo Technology Group stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the completion of the transaction, the director directly owned 613,725 shares in the company, valued at approximately $47,809,177.50. This trade represents a 21.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 59,641 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the completion of the transaction, the chief technology officer owned 7,603,961 shares of the company's stock, valued at approximately $569,992,916.56. The trade was a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,078,139 shares of company stock valued at $82,013,680 over the last quarter. Company insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in the company. Operose Advisors LLC grew its position in Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after purchasing an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. bought a new stake in Credo Technology Group in the 1st quarter worth approximately $25,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Credo Technology Group in the 1st quarter worth approximately $27,000. Harbour Investments Inc. bought a new stake in Credo Technology Group in the 1st quarter worth approximately $29,000. Finally, Virtus Advisers LLC purchased a new position in shares of Credo Technology Group during the 1st quarter worth $31,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.

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