Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells 15,281 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 15,281 shares of Credo Technology Group stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $39.05, for a total value of $596,723.05. Following the sale, the director now directly owns 1,748,444 shares of the company’s stock, valued at approximately $68,276,738.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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

• 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.
• On Wednesday, October 9th, Lip Bu Tan sold 125,000 shares of Credo Technology Group stock. The stock was sold at an average price of $35.18, for a total transaction of $4,397,500.00.
• On Monday, October 7th, Lip Bu Tan sold 143,046 shares of Credo Technology Group stock. The shares were sold at an average price of $32.29, for a total transaction of $4,618,955.34.
• On Friday, October 4th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.10, for a total transaction of $3,210,000.00.
• On Wednesday, October 2nd, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The shares were sold at an average price of $30.50, for a total transaction of $4,575,000.00.
• On Monday, September 30th, Lip Bu Tan sold 13,820 shares of Credo Technology Group stock. The shares were sold at an average price of $31.12, for a total value of $430,078.40.

Credo Technology Group Stock Up 1.7 %

CRDO stock opened at $36.99 on Thursday. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $40.37. The firm has a 50-day simple moving average of $31.26 and a 200-day simple moving average of $26.78. The stock has a market capitalization of $6.11 billion, a P/E ratio of -205.50 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. On average, analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its stake in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares during the last quarter. CWM LLC lifted its stake in shares of 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 in the last quarter. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group during the second quarter worth about $29,000. SeaCrest Wealth Management LLC grew its stake in Credo Technology Group by 8.3% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 12,261 shares of the company’s stock valued at $378,000 after acquiring an additional 938 shares in the last quarter. Finally, Diversified Trust Co grew its stake in Credo Technology Group by 4.3% during the 3rd quarter. Diversified Trust Co now owns 27,954 shares of the company’s stock valued at $861,000 after acquiring an additional 1,156 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several recent research reports. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Bank of America raised their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. Needham & Company LLC upped their price objective 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. Finally, Craig Hallum raised their target price on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.44.

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.