Yat Tung Lam Sells 10,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $38.41, for a total value of $384,100.00. Following the transaction, the chief operating officer now owns 2,872,672 shares of the company’s stock, valued at $110,339,331.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Thursday, September 12th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00.
• On Monday, August 12th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The shares were sold at an average price of $27.67, for a total transaction of $276,700.00.

Credo Technology Group Price Performance

CRDO stock opened at $36.99 on Thursday. The company has a market capitalization of $6.11 billion, a PE ratio of -205.50 and a beta of 2.24. Credo Technology Group Holding Ltd has a 12 month low of $13.38 and a 12 month high of $40.37. The firm’s 50-day moving average is $31.26 and its 200 day moving average is $26.78.

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CRDO. Stifel Nicolaus boosted their price objective on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Barclays increased their price target on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Bank of America lifted their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Mizuho upped their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $35.44.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in CRDO. Arcadia Investment Management Corp MI bought a new stake in shares of Credo Technology Group in the second quarter valued at about $29,000. Fifth Third Bancorp lifted its position in shares of Credo Technology Group by 59.3% in 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 during the period. CWM LLC boosted its stake in shares of Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares in the last quarter. Cranbrook Wealth Management LLC bought a new position in shares of Credo Technology Group during the second quarter valued at approximately $51,000. Finally, Covestor Ltd increased its holdings in Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after buying an additional 1,924 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.