Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $31.07, for a total value of $1,708,850.00. Following the completion of the transaction, the chief technology officer now owns 8,948,602 shares in the company, valued at approximately $278,033,064.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Monday, September 23rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $29.67, for a total transaction of $1,631,850.00.
• On Friday, September 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00.
• On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.06, for a total value of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $31.08, for a total value of $1,709,400.00.
• On Friday, August 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $27.33, for a total value of $1,503,150.00.
• On Thursday, August 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $26.85, for a total transaction of $1,476,750.00.
• On Friday, July 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $33.71 on Wednesday. The company’s fifty day moving average is $29.90 and its two-hundred day moving average is $26.16. The firm has a market capitalization of $5.57 billion, a P/E ratio of -187.28 and a beta of 2.24. Credo Technology Group Holding Ltd has a one year low of $13.38 and a one year high of $36.80.

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 company had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several recent research reports. Barclays boosted their price target 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. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Craig Hallum lifted their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. One equities 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, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $34.00.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp boosted 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 worth $34,000 after purchasing an additional 400 shares in the last quarter. CWM LLC boosted its position 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 worth $43,000 after buying an additional 594 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Credo Technology Group in the 2nd quarter valued at about $29,000. Diversified Trust Co increased its holdings 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. Finally, Advisors Asset Management Inc. raised its holdings in shares of Credo Technology Group by 47.6% in the first quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after acquiring an additional 1,229 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.