Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan Sells 13,820 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 13,820 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $31.12, for a total transaction of $430,078.40. Following the completion of the sale, the director now owns 2,849,905 shares of the company’s stock, valued at $88,689,043.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Wednesday, October 2nd, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00.
• On Monday, July 15th, Lip Bu Tan sold 245,438 shares of Credo Technology Group stock. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46.
• On Friday, July 12th, Lip Bu Tan sold 12,845 shares of Credo Technology Group stock. The stock was sold at an average price of $31.51, for a total value of $404,745.95.
• 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 transaction of $191,426.30.
• On Monday, July 8th, Lip Bu Tan sold 112,441 shares of Credo Technology Group stock. The shares were 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 Up 1.6 %

NASDAQ:CRDO traded up $0.47 during trading hours on Wednesday, reaching $30.43. 1,714,965 shares of the stock were exchanged, compared to its average volume of 2,225,778. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $36.80. The stock has a market capitalization of $5.03 billion, a P/E ratio of -166.44 and a beta of 2.26. The firm has a 50 day simple moving average of $29.49 and a 200-day simple moving average of $25.76.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. As a group, analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the business. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group in the second quarter valued at approximately $29,000. Fifth Third Bancorp boosted its position in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the period. Covestor Ltd grew its stake in Credo Technology Group by 19,240.0% during the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after buying an additional 1,924 shares during the last quarter. CWM LLC increased its position in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group in the second quarter valued at $51,000. Institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Stifel Nicolaus upped their price target on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Needham & Company LLC upped their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised their price objective on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Barclays upped their target price on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $34.00.

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.