Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan Sells 12,845 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 12,845 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $31.51, for a total transaction of $404,745.95. Following the transaction, the director now owns 3,109,163 shares of the company’s stock, valued at approximately $97,969,726.13. The transaction was disclosed in a 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, July 10th, Lip Bu Tan sold 6,110 shares of Credo Technology Group stock. The shares were 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 stock was sold at an average price of $31.99, for a total transaction 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 transaction of $1,444,317.76.

Credo Technology Group Trading Up 0.7 %

Shares of CRDO stock traded up $0.21 during trading hours on Friday, hitting $30.87. 1,221,102 shares of the company’s stock were exchanged, compared to its average volume of 2,140,160. The company has a market capitalization of $5.10 billion, a PE ratio of -174.33 and a beta of 2.24. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $32.78. The business’s 50 day simple moving average is $25.09 and its 200-day simple moving average is $22.10.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Wednesday, May 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). The business had revenue of $60.78 million for the quarter, compared to analysts’ expectations of $60.50 million. Credo Technology Group had a negative return on equity of 4.51% and a negative net margin of 14.70%. Equities analysts anticipate that Credo Technology Group Holding Ltd will post 0.07 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. American Century Companies Inc. grew its holdings in shares of Credo Technology Group by 68.3% in the third quarter. American Century Companies Inc. now owns 1,323,251 shares of the company’s stock worth $20,180,000 after purchasing an additional 537,143 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Credo Technology Group by 31.3% in the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after purchasing an additional 2,993,303 shares during the last quarter. Diversified Trust Co grew its holdings in shares of Credo Technology Group by 31.8% in the fourth quarter. Diversified Trust Co now owns 25,691 shares of the company’s stock worth $500,000 after purchasing an additional 6,196 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Credo Technology Group in the fourth quarter worth approximately $4,361,000. Finally, Moody Aldrich Partners LLC grew its holdings in shares of Credo Technology Group by 67.8% in the fourth quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock worth $3,947,000 after purchasing an additional 81,904 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRDO. Craig Hallum increased their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Barclays increased their price target on shares of Credo Technology Group from $23.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Needham & Company LLC increased their price target on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Bank of America reaffirmed an “underperform” rating and issued a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Finally, TD Cowen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating and raised their target price for the company from $24.00 to $35.00 in a research note on Tuesday, June 25th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $28.25.

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.