Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $3,596,987.59 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 112,441 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $31.99, for a total transaction of $3,596,987.59. Following the completion of the transaction, the director now owns 133,583 shares of the company’s stock, valued at approximately $4,273,320.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Lip Bu Tan also recently made the following trade(s):

• On Friday, July 5th, Lip Bu Tan sold 45,476 shares of Credo Technology Group stock. The shares were sold at an average price of $31.76, for a total value of $1,444,317.76.

Credo Technology Group Trading Down 1.8 %

Shares of NASDAQ CRDO opened at $30.66 on Friday. The stock has a market cap of $5.06 billion, a PE ratio of -170.33 and a beta of 2.24. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $32.78. The company has a 50-day moving average of $25.09 and a 200 day moving average of $22.10.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $60.78 million during the quarter, compared to analysts’ expectations of $60.50 million. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd will post 0.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CRDO has been the topic of several research analyst reports. Barclays raised their price objective on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Bank of America restated an “underperform” rating and set a $22.00 price objective (up from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. TD Cowen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating and lifted their target price for the company from $24.00 to $35.00 in a research report on Tuesday, June 25th. Craig Hallum boosted 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 note on Monday, April 15th. Finally, 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 research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $28.25.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Ulland Investment Advisors LLC purchased a new stake in shares of Credo Technology Group in the first quarter valued at about $29,000. Covestor Ltd boosted its holdings in Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares during the last quarter. CWM LLC grew its stake in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Credo Technology Group by 47.6% during the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after buying an additional 1,229 shares during the last quarter. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $97,000. 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.