Lip Bu Tan Sells 150,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the transaction, the director now directly owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Thursday, December 5th, Lip Bu Tan sold 3,799 shares of Credo Technology Group stock. The shares were sold at an average price of $70.73, for a total value of $268,703.27.
• On Monday, October 14th, Lip Bu Tan sold 15,281 shares of Credo Technology Group stock. The stock was sold at an average price of $39.05, for a total value of $596,723.05.
• On Friday, October 11th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.16, for a total value of $3,816,000.00.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded down $2.26 during trading on Wednesday, hitting $73.02. 3,717,562 shares of the company traded hands, compared to its average volume of 4,151,935. The firm has a market capitalization of $12.21 billion, a price-to-earnings ratio of -486.80 and a beta of 2.11. The business’s fifty day moving average is $57.88 and its 200 day moving average is $40.73. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $78.97.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CRDO shares. Craig Hallum lifted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. Stifel Nicolaus increased their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday. Susquehanna began coverage on Credo Technology Group in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. Finally, Roth Mkm raised their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $69.10.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRDO. Point72 Hong Kong Ltd bought a new stake in shares of Credo Technology Group during the third quarter valued at approximately $3,948,000. Wellington Management Group LLP increased its stake in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after buying an additional 95,335 shares during the last quarter. Centiva Capital LP bought a new position in shares of Credo Technology Group in the third quarter valued at $553,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after buying an additional 118,169 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

About Credo Technology Group

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.