Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $1,476,750.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $26.85, for a total value of $1,476,750.00. Following the sale, the chief technology officer now owns 9,278,602 shares in the company, valued at approximately $249,130,463.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Chi Fung Cheng also recently made the following trade(s):

• On Friday, July 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $29.30, for a total transaction of $1,611,500.00.
• On Thursday, July 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.63, for a total transaction of $1,684,650.00.
• On Friday, June 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $27.49, for a total value of $1,511,950.00.
• On Thursday, June 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $28.99, for a total value of $1,594,450.00.
• On Monday, May 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $19.07, for a total value of $1,048,850.00.
• On Friday, May 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $17.43, for a total transaction of $958,650.00.

Credo Technology Group Stock Down 4.6 %

Shares of CRDO opened at $25.33 on Monday. The stock has a fifty day simple moving average of $28.56 and a two-hundred day simple moving average of $23.28. The company has a market capitalization of $4.18 billion, a PE ratio of -140.72 and a beta of 2.23. Credo Technology Group Holding Ltd has a 52-week low of $13.38 and a 52-week high of $33.96.

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

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Ulland Investment Advisors LLC acquired a new stake in shares of Credo Technology Group during the 1st quarter worth about $29,000. Fifth Third Bancorp boosted its stake in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the period. Covestor Ltd increased its position in shares of Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after acquiring an additional 1,924 shares during the last quarter. CWM LLC raised its stake in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares during the period. Finally, Advisors Asset Management Inc. boosted its position in shares of Credo Technology Group by 47.6% during the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after purchasing an additional 1,229 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on CRDO shares. Bank of America reissued an “underperform” rating and set a $22.00 target price (up previously from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. TD Cowen increased their price target on shares of Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Craig Hallum upped their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Needham & Company LLC raised their target price on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, Stifel Nicolaus upped their price target on Credo Technology Group from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.38.

Credo Technology Group Company Profile

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.