Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan Sells 100,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $38.16, for a total value of $3,816,000.00. Following the completion of the transaction, the director now owns 1,763,725 shares in the company, valued at $67,303,746. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Monday, October 14th, Lip Bu Tan sold 15,281 shares of Credo Technology Group stock. The stock was sold at an average price of $39.05, for a total value of $596,723.05.
• On Wednesday, October 9th, Lip Bu Tan sold 125,000 shares of Credo Technology Group stock. The stock was sold at an average price of $35.18, for a total value of $4,397,500.00.
• On Monday, October 7th, Lip Bu Tan sold 143,046 shares of Credo Technology Group stock. The stock was sold at an average price of $32.29, for a total value of $4,618,955.34.
• On Friday, October 4th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.10, for a total value of $3,210,000.00.
• On Wednesday, October 2nd, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00.
• On Monday, September 30th, Lip Bu Tan sold 13,820 shares of Credo Technology Group stock. The shares were sold at an average price of $31.12, for a total value of $430,078.40.

Credo Technology Group Trading Down 4.6 %

Shares of CRDO stock opened at $36.38 on Wednesday. The business’s 50-day moving average price is $31.01 and its 200-day moving average price is $26.70. Credo Technology Group Holding Ltd has a 12 month low of $13.38 and a 12 month high of $40.37. The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of -202.11 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data 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 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, sell-side analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Mizuho raised their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday. Bank of America raised their price objective on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Craig Hallum raised their price objective on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Finally, Stifel Nicolaus raised their price objective on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.44.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRDO. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group in the second quarter worth approximately $29,000. Fifth Third Bancorp lifted its stake in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the period. Covestor Ltd lifted its stake in shares of Credo Technology Group by 19,240.0% in the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after acquiring an additional 1,924 shares during the period. CWM LLC lifted its stake in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC acquired a new position in shares of Credo Technology Group in the second quarter worth approximately $51,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.