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 company’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total transaction of $452,300.00. Following the transaction, the chief operating officer now directly owns 2,802,447 shares in the company, valued at $126,754,677.81. The trade was a 0.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

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

• On Wednesday, February 26th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $61.13, for a total value of $6,113,000.00.
• On Wednesday, January 29th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $58.66, for a total value of $5,866,000.00.
• On Tuesday, January 21st, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00.
• On Friday, January 10th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $73.26, for a total value of $7,326,000.00.
• On Monday, December 30th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.52, for a total transaction of $6,952,000.00.

Credo Technology Group Trading Down 4.5 %

CRDO stock traded down $1.92 during mid-day trading on Friday, reaching $40.51. 3,010,017 shares of the stock traded hands, compared to its average volume of 3,328,262. The company has a market cap of $6.88 billion, a P/E ratio of -270.07 and a beta of 2.16. The stock’s fifty day moving average is $61.36 and its 200-day moving average is $53.42. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently bought and sold shares of the business. Point72 Hong Kong Ltd purchased a new position in Credo Technology Group in the third quarter valued at about $3,948,000. Wellington Management Group LLP raised its holdings in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after acquiring an additional 705,512 shares during the period. Centiva Capital LP bought a new stake in Credo Technology Group during the third quarter valued at about $553,000. Charles Schwab Investment Management Inc. boosted its stake in Credo Technology Group by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after purchasing an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after acquiring an additional 118,169 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRDO. Craig Hallum raised their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Bank of America cut their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. TD Cowen upped their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, Barclays boosted their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $74.90.

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.