Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $430,078.40 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 13,820 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $31.12, for a total value of $430,078.40. Following the transaction, the director now owns 2,849,905 shares of the company’s stock, valued at $88,689,043.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Wednesday, October 2nd, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00.
• On Monday, July 15th, Lip Bu Tan sold 245,438 shares of Credo Technology Group stock. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46.
• On Friday, July 12th, Lip Bu Tan sold 12,845 shares of Credo Technology Group stock. The stock was 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 value of $1,444,317.76.

Credo Technology Group Stock Up 1.6 %

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

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CRDO. The Goldman Sachs Group boosted 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. Stifel Nicolaus boosted 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. Barclays raised their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. Finally, Craig Hallum raised their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. 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, the company has an average rating of “Moderate Buy” and an average target price of $34.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Credo Technology Group by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock worth $319,202,000 after acquiring an additional 1,072,301 shares during the period. Driehaus Capital Management LLC lifted its position in shares of Credo Technology Group by 3.1% in the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in shares of Credo Technology Group by 9.1% during the second quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock worth $77,660,000 after purchasing an additional 203,739 shares during the period. Jennison Associates LLC grew its position in Credo Technology Group by 1.9% during the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock valued at $50,332,000 after purchasing an additional 45,396 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Credo Technology Group by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock valued at $67,473,000 after buying an additional 242,428 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.