Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $404,745.95 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 12,845 shares of Credo Technology Group stock in a transaction on Friday, July 12th. The stock was sold at an average price of $31.51, for a total value of $404,745.95. Following the transaction, the director now directly owns 3,109,163 shares of the company’s stock, valued at $97,969,726.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Wednesday, July 10th, Lip Bu Tan sold 6,110 shares of Credo Technology Group stock. The stock was sold at an average price of $31.33, for a total value of $191,426.30.
• On Monday, July 8th, Lip Bu Tan sold 112,441 shares of Credo Technology Group stock. The stock was sold at an average price of $31.99, for a total value of $3,596,987.59.
• On Friday, July 5th, Lip Bu Tan sold 45,476 shares of Credo Technology Group stock. The stock was sold at an average price of $31.76, for a total value of $1,444,317.76.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO traded up $0.21 during trading on Friday, hitting $30.87. The company’s stock had a trading volume of 1,221,102 shares, compared to its average volume of 2,140,160. Credo Technology Group Holding Ltd has a fifty-two week low of $13.38 and a fifty-two week high of $32.78. The stock’s 50-day moving average price is $25.09 and its two-hundred day moving average price is $22.10. The company has a market capitalization of $5.10 billion, a PE ratio of -174.33 and a beta of 2.24.

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

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC grew its holdings in shares of Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Credo Technology Group by 47.6% during the first quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock valued at $81,000 after purchasing an additional 1,229 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Credo Technology Group by 30.1% during the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after purchasing an additional 1,263 shares during the last quarter. Ulland Investment Advisors LLC bought a new position in shares of Credo Technology Group during the first quarter valued at approximately $29,000. Finally, Amalgamated Bank grew its holdings in Credo Technology Group by 9.7% in the 4th quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after buying an additional 1,454 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CRDO. Barclays raised their price target on Credo Technology Group from $23.00 to $30.00 and gave the stock 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 lifted their price objective for the company from $24.00 to $35.00 in a research report on Tuesday, June 25th. Needham & Company LLC lifted their price objective on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Bank of America reissued an “underperform” rating and set a $22.00 price target (up previously from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Finally, Craig Hallum boosted their price target on Credo Technology Group from $28.00 to $30.00 and gave the company 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $28.25.

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.