Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells 100,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the completion of the sale, the chief operating officer now directly owns 400,000 shares of the company’s stock, valued at $27,212,000. This represents a 20.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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

• 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 transaction of $384,100.00.

Credo Technology Group Stock Up 1.1 %

Shares of NASDAQ CRDO traded up $0.80 during midday trading on Thursday, reaching $72.02. 2,567,592 shares of the stock were exchanged, compared to its average volume of 2,484,870. The firm has a 50-day simple moving average of $52.13 and a two-hundred day simple moving average of $37.97. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $78.97. The firm has a market cap of $12.04 billion, a price-to-earnings ratio of -480.13 and a beta of 2.26.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently modified their holdings of the company. Allworth Financial LP lifted its position 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 buying an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group during the 2nd quarter worth $29,000. Rakuten Securities Inc. acquired a new position in Credo Technology Group in the 3rd quarter valued at about $30,000. Brown Brothers Harriman & Co. increased 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 worth $35,000 after purchasing an additional 1,001 shares during the last quarter. Finally, Cranbrook Wealth Management LLC acquired a new position in Credo Technology Group during the second quarter worth $51,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several recent analyst reports. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their target price for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. Craig Hallum increased their target price 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. Susquehanna started coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. Barclays lifted their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Mizuho upped their price objective on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $68.60.

Credo Technology Group Company Profile

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.