Credo Technology Group Holding Ltd (NASDAQ:CRDO) Insider Sells $627,200.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) insider James Laufman sold 20,000 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the transaction, the insider now owns 302,466 shares in the company, valued at $9,485,333.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Credo Technology Group Stock Up 1.6 %

NASDAQ:CRDO opened at $30.43 on Thursday. The stock has a market cap of $5.03 billion, a P/E ratio of -169.06 and a beta of 2.26. The firm’s fifty day simple moving average is $29.49 and its 200 day simple moving average is $25.76. Credo Technology Group Holding Ltd has a twelve month low of $13.38 and a twelve month high of $36.80.

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

Analysts Set New Price Targets

A number of brokerages have commented on CRDO. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Needham & Company LLC increased their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Barclays increased their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Roth Mkm increased their price target on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Craig Hallum raised their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. One 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Arcadia Investment Management Corp MI purchased a new position in Credo Technology Group during the second quarter valued at $29,000. Fifth Third Bancorp lifted its position in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares during the period. Covestor Ltd lifted its position in 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 buying an additional 1,924 shares during the period. CWM LLC lifted its position in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC purchased a new position in Credo Technology Group during the second quarter valued at $51,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.