Credo Technology Group (NASDAQ:CRDO) Shares Gap Down to $31.94

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down prior to trading on Monday . The stock had previously closed at $31.94, but opened at $31.24. Credo Technology Group shares last traded at $30.42, with a volume of 259,414 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CRDO shares. Craig Hallum increased their target price on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Bank of America reiterated an “underperform” rating and issued a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. Barclays increased their price target on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. TD Cowen raised Credo Technology Group from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $24.00 to $35.00 in a research report on Tuesday, June 25th. Finally, Needham & Company LLC raised their target price 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. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.25.

Credo Technology Group Trading Up 0.4 %

The stock has a market capitalization of $5.18 billion, a price-to-earnings ratio of -174.17 and a beta of 2.24. The company’s 50 day moving average is $23.20 and its 200 day moving average is $21.55.

Credo Technology Group (NASDAQ:CRDO) last posted its 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). The firm had revenue of $60.78 million during the quarter, compared to analysts’ expectations of $60.50 million. Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. Analysts anticipate that Credo Technology Group Holding Ltd will post 0.07 EPS for the current fiscal year.

Insider Activity

In other Credo Technology Group news, CEO William Joseph Brennan sold 15,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $17.15, for a total transaction of $257,250.00. Following the transaction, the chief executive officer now directly owns 2,962,500 shares of the company’s stock, valued at approximately $50,806,875. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Credo Technology Group news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total value of $257,250.00. Following the transaction, the chief executive officer now directly owns 2,962,500 shares in the company, valued at approximately $50,806,875. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $27.49, for a total transaction of $1,511,950.00. Following the completion of the transaction, the chief technology officer now directly owns 9,498,602 shares in the company, valued at $261,116,568.98. The disclosure for this sale can be found here. Insiders have sold 544,368 shares of company stock valued at $11,857,007 in the last ninety days. 23.89% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CRDO. Castleark Management LLC acquired a new position in shares of Credo Technology Group during the 1st quarter worth $3,876,000. California State Teachers Retirement System grew its position in Credo Technology Group by 7.7% during the first quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock worth $2,729,000 after buying an additional 9,218 shares during the period. Public Employees Retirement Association of Colorado acquired a new stake in shares of Credo Technology Group during the 1st quarter valued at approximately $352,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Credo Technology Group by 10.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock worth $1,484,000 after acquiring an additional 6,813 shares in the last quarter. Finally, Magnetar Financial LLC acquired a new stake in shares of Credo Technology Group in the 1st quarter worth approximately $278,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.