Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the completion of the transaction, the chief technology officer now owns 8,728,602 shares of the company’s stock, valued at $413,473,876.74. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00.
• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.41, for a total transaction of $2,112,550.00.
• On Thursday, October 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.07, for a total transaction of $1,708,850.00.
• On Monday, September 23rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $29.67, for a total value of $1,631,850.00.
• On Friday, September 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00.
• On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $32.06, for a total transaction of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.08, for a total value of $1,709,400.00.

Credo Technology Group Trading Down 0.1 %

Shares of Credo Technology Group stock traded down $0.03 during trading hours on Tuesday, reaching $46.45. The stock had a trading volume of 1,791,787 shares, compared to its average volume of 2,239,690. The firm has a 50 day simple moving average of $34.18 and a two-hundred day simple moving average of $29.29. Credo Technology Group Holding Ltd has a 1 year low of $15.54 and a 1 year high of $48.94. The firm has a market capitalization of $7.71 billion, a price-to-earnings ratio of -290.50 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Sell-side analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Swiss National Bank grew its holdings in shares of Credo Technology Group by 14.7% during the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock valued at $5,391,000 after buying an additional 32,600 shares in the last quarter. Sei Investments Co. boosted its position in shares of Credo Technology Group by 18.8% in the first quarter. Sei Investments Co. now owns 111,034 shares of the company’s stock valued at $2,353,000 after acquiring an additional 17,540 shares during the period. Russell Investments Group Ltd. boosted its holdings in Credo Technology Group by 5.7% in the 1st quarter. Russell Investments Group Ltd. now owns 356,370 shares of the company’s stock valued at $7,551,000 after purchasing an additional 19,105 shares during the period. ProShare Advisors LLC increased its holdings in shares of Credo Technology Group by 17.6% during the 1st quarter. ProShare Advisors LLC now owns 22,343 shares of the company’s stock worth $473,000 after purchasing an additional 3,346 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Credo Technology Group in the first quarter valued at about $4,149,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CRDO shares. Needham & Company LLC upped their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Roth Mkm increased their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group increased their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, Bank of America raised their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.56.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.