Credo Technology Group (NASDAQ:CRDO) Stock Price Down 5.5%

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares dropped 5.5% during trading on Thursday . The stock traded as low as $27.62 and last traded at $27.74. Approximately 221,158 shares were traded during trading, a decline of 90% from the average daily volume of 2,151,487 shares. The stock had previously closed at $29.35.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CRDO shares. Barclays upped their price target on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Needham & Company LLC raised their price target on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $30.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Bank of America restated an “underperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Finally, Craig Hallum lifted their target price on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.38.

Credo Technology Group Price Performance

The company’s 50-day simple moving average is $27.46 and its two-hundred day simple moving average is $22.86.

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

Insider Activity

In other Credo Technology Group news, Director Lip Bu Tan sold 45,476 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the sale, the director now owns 39,736 shares in the company, valued at approximately $1,262,015.36. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Credo Technology Group news, Director Lip Bu Tan sold 45,476 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $31.76, for a total value of $1,444,317.76. Following the completion of the sale, the director now owns 39,736 shares in the company, valued at approximately $1,262,015.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $17.41, for a total value of $957,550.00. Following the sale, the chief technology officer now directly owns 9,773,602 shares in the company, valued at $170,158,410.82. The disclosure for this sale can be found here. Insiders have sold a total of 936,678 shares of company stock valued at $26,102,844 in the last ninety days. Corporate insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Carnegie Capital Asset Management LLC grew its position in shares of Credo Technology Group by 19.4% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock valued at $5,714,000 after purchasing an additional 47,650 shares in the last quarter. AMF Tjanstepension AB increased its stake in Credo Technology Group by 31.8% in the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after acquiring an additional 413,149 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Credo Technology Group by 13.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock worth $18,658,000 after acquiring an additional 111,957 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Credo Technology Group by 31.3% during the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after acquiring an additional 2,993,303 shares in the last quarter. Finally, Moody Aldrich Partners LLC boosted its position in shares of Credo Technology Group by 67.8% during the 4th quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock valued at $3,947,000 after acquiring an additional 81,904 shares during the last quarter. 80.46% of the stock is currently owned by 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.