Lip Bu Tan Sells 125,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 125,000 shares of Credo Technology Group stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $35.18, for a total transaction of $4,397,500.00. Following the completion of the transaction, the director now directly owns 1,988,725 shares of the company’s stock, valued at $69,963,345.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

• On Monday, October 7th, Lip Bu Tan sold 143,046 shares of Credo Technology Group stock. The shares were 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 shares were 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 shares were 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 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 stock was 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 stock was sold at an average price of $31.51, for a total value of $404,745.95.

Credo Technology Group Stock Up 2.7 %

Shares of Credo Technology Group stock opened at $38.26 on Friday. The business’s fifty day simple moving average is $30.52 and its 200-day simple moving average is $26.41. The firm has a market cap of $6.32 billion, a PE ratio of -212.56 and a beta of 2.24. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $39.00.

Credo Technology Group (NASDAQ:CRDO) last announced its 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 return on equity of 3.74% and a negative net margin of 12.05%. The company 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 year.

Analyst Ratings Changes

CRDO has been the topic of several research reports. Bank of America raised their target price on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday. Craig Hallum upped 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. Roth Mkm raised 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 note on Thursday, September 5th. Finally, Needham & Company LLC upped their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. One 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.22.

Institutional Trading of Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in CRDO. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group during the second quarter worth $29,000. Fifth Third Bancorp boosted its holdings in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares during the period. Covestor Ltd boosted its holdings in Credo Technology Group by 19,240.0% during the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after acquiring an additional 1,924 shares during the period. CWM LLC grew its position in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares in the last quarter. Finally, Cranbrook Wealth Management LLC purchased a new stake in Credo Technology Group during the second quarter worth about $51,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.