Credo Technology Group (NASDAQ:CRDO) Stock Price Down 4.8%

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price dropped 4.8% during mid-day trading on Monday . The company traded as low as $20.40 and last traded at $20.41. Approximately 567,606 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 2,148,518 shares. The stock had previously closed at $21.44.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of research analyst reports. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Wednesday, February 28th. Mizuho reaffirmed a "buy" rating and set a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Craig Hallum lifted their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a "buy" rating in a report on Monday. Needham & Company LLC upped their price objective on Credo Technology Group from $24.00 to $26.00 and gave the stock a "buy" rating in a report on Wednesday, February 28th. Finally, TD Cowen lifted their target price on Credo Technology Group from $20.00 to $24.00 and gave the company a "market perform" rating in a report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $24.25.

Credo Technology Group Stock Performance

The stock has a market cap of $3.17 billion, a PE ratio of -84.52 and a beta of 1.97. The stock has a fifty day simple moving average of $21.53 and a two-hundred day simple moving average of $19.16.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.01. The business had revenue of $53.06 million during the quarter, compared to analyst estimates of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The business's revenue was down 2.2% on a year-over-year basis. During the same period last year, the business earned $0.02 EPS. On average, equities analysts predict that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Insider Activity

In other news, COO Yat Tung Lam sold 315,601 shares of the company's stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $22.93, for a total value of $7,236,730.93. Following the sale, the chief operating officer now owns 1,440,000 shares in the company, valued at approximately $33,019,200. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, COO Yat Tung Lam sold 315,601 shares of the business's stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $22.93, for a total value of $7,236,730.93. Following the completion of the sale, the chief operating officer now directly owns 1,440,000 shares in the company, valued at approximately $33,019,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 15,000 shares of the company's stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $19.31, for a total value of $289,650.00. Following the sale, the chief executive officer now directly owns 3,202,500 shares in the company, valued at $61,840,275. The disclosure for this sale can be found here. In the last three months, insiders sold 2,097,198 shares of company stock worth $45,424,564. 23.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CRDO. Verition Fund Management LLC lifted its holdings in Credo Technology Group by 6.5% in the fourth quarter. Verition Fund Management LLC now owns 13,680 shares of the company's stock worth $182,000 after acquiring an additional 836 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company's stock worth $106,000 after purchasing an additional 1,263 shares during the last quarter. Advisors Asset Management Inc. boosted its position in Credo Technology Group by 295.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company's stock valued at $28,000 after purchasing an additional 1,376 shares during the period. Rhumbline Advisers grew its stake in Credo Technology Group by 1.1% during the 3rd quarter. Rhumbline Advisers now owns 130,026 shares of the company's stock worth $1,983,000 after buying an additional 1,397 shares during the last quarter. Finally, Amalgamated Bank increased its position in Credo Technology Group by 9.7% in the fourth quarter. Amalgamated Bank now owns 16,449 shares of the company's stock worth $320,000 after buying an additional 1,454 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.