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 Credo Technology Group stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $69.52, for a total value of $6,952,000.00. Following the completion of the transaction, the chief operating officer now owns 300,000 shares in the company, valued at $20,856,000. The trade was a 25.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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 shares were 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 Price Performance

Shares of NASDAQ:CRDO traded down $2.39 during trading on Tuesday, reaching $67.21. The stock had a trading volume of 2,735,156 shares, compared to its average volume of 2,485,747. The stock has a market capitalization of $11.24 billion, a PE 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. The business’s 50-day moving average price is $54.05 and its 200 day moving average price is $38.91.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently bought and sold shares of the business. Swedbank AB increased its stake in shares of Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. FMR LLC increased its position in Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on CRDO. TD Cowen upped their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price objective for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Stifel Nicolaus reissued a “buy” rating and set a $75.00 target price (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Susquehanna initiated coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. Finally, Roth Mkm raised their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.