Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the transaction, the chief technology officer now owns 8,728,602 shares in the company, valued at $413,473,876.74. This trade represents a 0.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Chi Fung Cheng also recently made the following trade(s):

• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00.
• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.41, for a total value of $2,112,550.00.
• On Thursday, October 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $31.07, for a total value of $1,708,850.00.
• On Monday, September 23rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $29.67, for a total value of $1,631,850.00.
• On Friday, September 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $28.22, for a total value of $1,552,100.00.
• On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $32.06, for a total value of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $31.08, for a total transaction of $1,709,400.00.

Credo Technology Group Trading Down 8.7 %

Shares of CRDO opened at $41.90 on Friday. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of -261.31 and a beta of 2.19. The firm’s fifty day simple moving average is $35.00 and its 200-day simple moving average is $29.80. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $48.94.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. On average, analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on CRDO shares. Roth Mkm raised their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Stifel Nicolaus boosted their price target 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. Finally, TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $36.56.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the stock. Swedbank AB lifted its position in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after purchasing an additional 2,961,454 shares during the period. Vanguard Group Inc. raised its position in Credo Technology Group by 7.7% during the first 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 last quarter. FMR LLC lifted its holdings in shares of Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after purchasing an additional 1,013,789 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Credo Technology Group by 290.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after acquiring an additional 881,344 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of Credo Technology Group in the first quarter valued at $17,847,000. 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.