Yat Tung Lam Sells 100,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $73.26, for a total value of $7,326,000.00. Following the transaction, the chief operating officer now directly owns 200,000 shares of the company’s stock, valued at approximately $14,652,000. This trade represents a 33.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Yat Tung Lam also recently made the following trade(s):

• On Monday, December 30th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $69.52, for a total value of $6,952,000.00.
• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00.

Credo Technology Group Trading Up 0.5 %

Shares of CRDO stock traded up $0.35 on Tuesday, reaching $69.39. 3,120,478 shares of the stock were exchanged, compared to its average volume of 4,008,121. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $78.97. The company has a market capitalization of $11.60 billion, a price-to-earnings ratio of -462.60 and a beta of 2.11. The business’s 50 day moving average price is $60.49 and its 200 day moving average price is $41.93.

Analysts Set New Price Targets

Several research firms recently weighed in on CRDO. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their target price for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Craig Hallum lifted their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Barclays boosted their price objective on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus boosted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Mizuho boosted their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $75.40.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares in the last quarter. Point72 Asset Management L.P. boosted its position in Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC grew its stake in shares of Credo Technology Group by 3.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after buying an additional 115,271 shares during the period. Swedbank AB grew its stake in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Credo Technology Group by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after acquiring an additional 170,412 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.