Chi Fung Cheng Sells 55,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $26.85, for a total value of $1,476,750.00. Following the completion of the sale, the chief technology officer now owns 9,278,602 shares of the company’s stock, valued at approximately $249,130,463.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Chi Fung Cheng also recently made the following trade(s):

• On Friday, July 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $29.30, for a total value of $1,611,500.00.
• On Thursday, July 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.63, for a total transaction of $1,684,650.00.
• On Friday, June 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $27.49, for a total transaction of $1,511,950.00.
• On Thursday, June 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $28.99, for a total transaction of $1,594,450.00.
• On Monday, May 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $19.07, for a total value of $1,048,850.00.
• On Friday, May 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $17.43, for a total value of $958,650.00.

Credo Technology Group Trading Down 4.6 %

NASDAQ:CRDO opened at $25.33 on Monday. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $33.96. The stock has a 50 day moving average of $28.56 and a 200-day moving average of $23.28. The firm has a market capitalization of $4.18 billion, a PE ratio of -140.72 and a beta of 2.23.

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). The firm had revenue of $60.78 million for 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%. As a group, analysts predict that Credo Technology Group Holding Ltd will post 0.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp increased its position in Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares during the period. CWM LLC increased 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 period. Advisors Asset Management Inc. raised its stake 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 in the last quarter. Assetmark Inc. grew its position in Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after buying an additional 1,263 shares in the last quarter. Finally, Ulland Investment Advisors LLC acquired a new position in Credo Technology Group during the 1st quarter valued at about $29,000. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. TD Cowen upped their target price on Credo Technology Group from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Craig Hallum increased their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Bank of America reissued an “underperform” rating and issued a $22.00 target price (up previously from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Needham & Company LLC increased their price target on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Barclays boosted 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. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.38.

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.