Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $7,533,000.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $75.33, for a total value of $7,533,000.00. Following the transaction, the director now owns 788,725 shares of the company’s stock, valued at $59,414,654.25. This trade represents a 11.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Friday, June 13th, Lip Bu Tan sold 3,527 shares of Credo Technology Group stock. The shares were sold at an average price of $76.05, for a total transaction of $268,228.35.
• On Thursday, June 5th, Lip Bu Tan sold 75,000 shares of Credo Technology Group stock. The stock was sold at an average price of $75.20, for a total transaction of $5,640,000.00.

Credo Technology Group Price Performance

Shares of CRDO traded up $5.68 during trading hours on Monday, hitting $79.17. 6,173,945 shares of the company were exchanged, compared to its average volume of 3,941,161. The company has a market capitalization of $13.44 billion, a PE ratio of -527.80 and a beta of 2.42. The firm has a fifty day simple moving average of $53.72 and a 200-day simple moving average of $59.44. Credo Technology Group Holding Ltd has a one year low of $22.50 and a one year high of $86.69.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The company had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The company’s revenue for the quarter was up 179.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 earnings per share. Sell-side analysts expect that Credo Technology Group Holding Ltd will post 0.13 EPS for the current year.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of CRDO. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $38,000. Operose Advisors LLC raised its position in Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock valued at $25,000 after acquiring an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Credo Technology Group in the first quarter valued at approximately $25,000. WASHINGTON TRUST Co bought a new stake in Credo Technology Group in the fourth quarter worth approximately $43,000. Finally, Principal Securities Inc. increased its stake in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRDO. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Mizuho cut their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, April 3rd. TD Cowen lifted their price target on Credo Technology Group from $50.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, June 3rd. Finally, Roth Capital set a $95.00 price objective on Credo Technology Group and gave the company a “buy” rating in a report on Friday. Twelve analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $80.09.

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.