Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,618,602 shares of the company’s stock, valued at approximately $418,605,499.14. This represents a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

• On Friday, November 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00.
• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00.
• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.41, for a total transaction of $2,112,550.00.
• On Thursday, October 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $31.07, for a total transaction of $1,708,850.00.
• 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 stock was sold at an average price of $28.22, for a total transaction of $1,552,100.00.

Credo Technology Group Stock Performance

Shares of CRDO stock traded up $22.89 on Tuesday, hitting $70.69. The company’s stock had a trading volume of 16,384,023 shares, compared to its average volume of 2,341,238. The stock’s 50 day moving average is $39.60 and its 200-day moving average is $32.37. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $72.30. The company has a market capitalization of $11.74 billion, a PE ratio of -441.19 and a beta of 2.26.

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

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. Price T Rowe Associates Inc. MD boosted its stake in shares of Credo Technology Group by 10.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock valued at $1,484,000 after purchasing an additional 6,813 shares in the last quarter. California State Teachers Retirement System raised its holdings in Credo Technology Group by 7.7% in the 1st quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock valued at $2,729,000 after buying an additional 9,218 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in Credo Technology Group by 319.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 31,383 shares of the company’s stock valued at $1,002,000 after buying an additional 23,907 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new position in Credo Technology Group during the 2nd quarter worth approximately $392,000. Finally, CWM LLC raised its holdings in Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CRDO shares. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays boosted their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday. TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 price target (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $63.56.

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.