Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $29.30, for a total value of $1,611,500.00. Following the completion of the sale, the chief technology officer now directly owns 9,333,602 shares of the company’s stock, valued at approximately $273,474,538.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Thursday, July 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.63, for a total value of $1,684,650.00.
• On Friday, June 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $27.49, for a total value of $1,511,950.00.
• On Thursday, June 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $28.99, for a total value of $1,594,450.00.
• On Monday, May 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $19.07, for a total value of $1,048,850.00.
• On Friday, May 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $17.43, for a total value of $958,650.00.
• On Wednesday, May 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $17.41, for a total value of $957,550.00.

Credo Technology Group Price Performance

CRDO opened at $28.51 on Friday. The stock has a market capitalization of $4.71 billion, a price-to-earnings ratio of -158.39 and a beta of 2.24. The business has a 50-day moving average of $27.64 and a two-hundred day moving average of $22.90. Credo Technology Group Holding Ltd has a 12 month low of $13.38 and a 12 month high of $33.96.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). The firm had revenue of $60.78 million during the quarter, compared to analyst estimates of $60.50 million. Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. Equities research analysts anticipate that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current year.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of recent research reports. Craig Hallum lifted their price objective on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. TD Cowen lifted their price objective on Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Bank of America reiterated an “underperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Barclays lifted their price objective on Credo Technology Group from $23.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Finally, Needham & Company LLC lifted their price target on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and an average price target of $30.38.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp lifted its stake in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. CWM LLC lifted its stake in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares in the last quarter. Ulland Investment Advisors LLC acquired a new position in shares of Credo Technology Group in the 1st quarter valued at about $29,000. Covestor Ltd lifted its stake in shares of Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in shares of Credo Technology Group by 47.6% in the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock valued at $81,000 after purchasing an additional 1,229 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

About Credo Technology Group

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.