Yat Tung Lam Sells 100,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $69.52, for a total value of $6,952,000.00. Following the transaction, the chief operating officer now directly owns 300,000 shares of the company’s stock, valued at $20,856,000. This represents a 25.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Yat Tung Lam also recently made the following trade(s):

• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00.
• On Friday, October 11th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.41, for a total value of $384,100.00.

Credo Technology Group Stock Down 3.4 %

Credo Technology Group stock opened at $67.21 on Thursday. The business has a 50-day simple moving average of $55.17 and a two-hundred day simple moving average of $39.38. The company has a market cap of $11.24 billion, a P/E ratio of -448.07 and a beta of 2.26. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $78.97.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently made changes to their positions in the company. Allworth Financial LP grew its stake in shares of Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI bought a new stake in shares of Credo Technology Group during the 2nd quarter valued at about $29,000. Rakuten Securities Inc. bought a new stake in shares of Credo Technology Group during the 3rd quarter valued at about $30,000. Brown Brothers Harriman & Co. lifted its position in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares in the last quarter. Finally, Cranbrook Wealth Management LLC purchased a new position in shares of Credo Technology Group during the 2nd quarter valued at about $51,000. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several recent analyst reports. The Goldman Sachs Group lifted their price target on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. TD Cowen lifted their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Craig Hallum lifted their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Needham & Company LLC lifted their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price objective (up from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

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.