Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan Sells 75,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 75,000 shares of the company’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $75.20, for a total transaction of $5,640,000.00. Following the transaction, the director now directly owns 888,725 shares of the company’s stock, valued at approximately $66,832,120. This represents a 7.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded down $1.87 during midday trading on Monday, reaching $71.09. The company had a trading volume of 6,543,002 shares, compared to its average volume of 3,857,842. Credo Technology Group Holding Ltd has a one year low of $22.50 and a one year high of $86.69. The stock has a market capitalization of $12.07 billion, a P/E ratio of -473.93 and a beta of 2.42. The stock’s fifty day moving average price is $50.79 and its 200-day moving average price is $58.72.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The company had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same period last year, the business earned $0.07 EPS. The firm’s revenue for the quarter was up 179.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CRDO shares. Stifel Nicolaus increased their target price on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Cowen reissued a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Needham & Company LLC increased their target price on Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Mizuho lowered their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Finally, Bank of America lowered their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $78.60.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new position in Credo Technology Group during the fourth quarter worth $700,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Credo Technology Group by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company’s stock valued at $79,289,000 after purchasing an additional 43,169 shares during the last quarter. Vontobel Holding Ltd. grew its holdings in shares of Credo Technology Group by 3.4% during the fourth quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company’s stock valued at $1,316,000 after purchasing an additional 635 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Credo Technology Group by 7.0% during the fourth quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company’s stock valued at $37,798,000 after purchasing an additional 36,949 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock valued at $321,000 after buying an additional 411 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Company Profile

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.