Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $4,397,500.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 125,000 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 1,988,725 shares of the company’s stock, valued at approximately $69,963,345.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

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 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 shares were sold at an average price of $30.50, for a total transaction 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 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 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 value of $404,745.95.

Credo Technology Group Stock Up 5.9 %

Shares of NASDAQ:CRDO traded up $2.07 during trading on Thursday, reaching $37.24. The stock had a trading volume of 2,318,769 shares, compared to its average volume of 2,224,671. Credo Technology Group Holding Ltd has a fifty-two week low of $13.38 and a fifty-two week high of $37.29. The stock has a market cap of $6.15 billion, a P/E ratio of -195.39 and a beta of 2.24. The business has a fifty day moving average price of $30.05 and a 200-day moving average price of $26.22.

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 analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. As a group, equities analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Institutional Investors Weigh In On Credo Technology Group

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CRDO shares. The Goldman Sachs Group increased their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Craig Hallum upped their price objective on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Roth Mkm lifted their target price on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Barclays raised their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Finally, TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and an average target price of $34.22.

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.