Lip Bu Tan Sells 150,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the sale, the director now owns 2,638,725 shares in the company, valued at approximately $80,481,112.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Lip Bu Tan also recently made the following trade(s):

• On Monday, September 30th, Lip Bu Tan sold 13,820 shares of Credo Technology Group stock. The stock was sold at an average price of $31.12, for a total transaction of $430,078.40.
• On Monday, July 15th, Lip Bu Tan sold 245,438 shares of Credo Technology Group stock. The shares were sold at an average price of $32.67, for a total transaction of $8,018,459.46.
• On Friday, July 12th, Lip Bu Tan sold 12,845 shares of Credo Technology Group stock. The shares were sold at an average price of $31.51, for a total transaction of $404,745.95.
• On Wednesday, July 10th, Lip Bu Tan sold 6,110 shares of Credo Technology Group stock. The shares were sold at an average price of $31.33, for a total transaction of $191,426.30.
• On Monday, July 8th, Lip Bu Tan sold 112,441 shares of Credo Technology Group stock. The shares were sold at an average price of $31.99, for a total transaction of $3,596,987.59.
• On Friday, July 5th, Lip Bu Tan sold 45,476 shares of Credo Technology Group stock. The stock was sold at an average price of $31.76, for a total transaction of $1,444,317.76.

Credo Technology Group Trading Up 1.6 %

Shares of CRDO stock traded up $0.47 on Wednesday, reaching $30.43. The company had a trading volume of 1,714,965 shares, compared to its average volume of 2,225,778. The stock has a market cap of $5.03 billion, a PE ratio of -166.44 and a beta of 2.26. The company has a 50-day moving average of $29.49 and a 200-day moving average of $25.76. Credo Technology Group Holding Ltd has a 12 month low of $13.38 and a 12 month high of $36.80.

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

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Arcadia Investment Management Corp MI bought a new stake in Credo Technology Group during the 2nd quarter worth approximately $29,000. Fifth Third Bancorp increased its stake in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares in the last quarter. Covestor Ltd increased its stake in Credo Technology Group by 19,240.0% during the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after purchasing an additional 1,924 shares in the last quarter. CWM LLC increased its stake 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 in the last quarter. Finally, Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group during the 2nd quarter worth approximately $51,000. 80.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CRDO shares. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Roth Mkm upped their price target on shares of Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Bank of America upped their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. Finally, TD Cowen raised Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.00.

About Credo Technology Group

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.