Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming Sells 108,790 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 108,790 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $31.10, for a total value of $3,383,369.00. Following the transaction, the chief financial officer now directly owns 676,386 shares of the company’s stock, valued at $21,035,604.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Credo Technology Group Stock Up 1.6 %

Shares of Credo Technology Group stock traded up $0.47 during midday trading on Wednesday, hitting $30.43. The company’s stock had a trading volume of 1,714,965 shares, compared to its average volume of 2,225,778. The firm has a market capitalization of $5.03 billion, a P/E ratio of -166.44 and a beta of 2.26. The stock has a 50-day simple moving average of $29.49 and a 200-day simple moving average of $25.76. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $36.80.

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 the consensus estimate 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 firm had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Credo Technology Group by 4.7% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,239,479 shares of the company’s stock worth $39,589,000 after acquiring an additional 55,135 shares in the last quarter. Algert Global LLC purchased a new stake in shares of Credo Technology Group during the second quarter worth $622,000. Driehaus Capital Management LLC raised its holdings in shares of Credo Technology Group by 3.1% during the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after acquiring an additional 115,271 shares in the last quarter. Scientech Research LLC purchased a new stake in shares of Credo Technology Group during the second quarter worth $1,297,000. Finally, The Manufacturers Life Insurance Company raised its holdings in Credo Technology Group by 27.2% during the second quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company’s stock valued at $54,225,000 after buying an additional 362,634 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRDO. Craig Hallum raised their price objective on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Bank of America raised their price objective on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. Stifel Nicolaus raised their price objective on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Finally, The Goldman Sachs Group raised their price objective on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

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.