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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.53, for a total transaction of $3,989,150.00. Following the completion of the transaction, the chief technology officer now owns 7,548,961 shares of the company's stock, valued at $547,526,141.33. The trade was a 0.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

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

• On Thursday, June 5th, Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36.
• On Friday, May 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $48.02, for a total transaction of $2,641,100.00.
• On Monday, April 28th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $42.95, for a total transaction of $2,362,250.00.
• On Tuesday, April 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $36.74, for a total transaction of $2,020,700.00.
• On Wednesday, April 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $37.29, for a total transaction of $2,050,950.00.
• On Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.78, for a total transaction of $2,132,900.00.
• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $32.96, for a total transaction of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00.
• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00.

Credo Technology Group Price Performance

Shares of CRDO stock traded down $2.56 on Tuesday, hitting $68.53. The stock had a trading volume of 6,839,079 shares, compared to its average volume of 3,869,864. The business has a 50 day moving average of $51.42 and a 200 day moving average of $58.79. The stock has a market cap of $11.64 billion, a price-to-earnings ratio of -456.87 and a beta of 2.42. Credo Technology Group Holding Ltd has a 12-month low of $22.50 and a 12-month high of $86.69.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same quarter last year, the company posted $0.07 earnings per share. The firm's quarterly revenue was up 179.6% compared to the same quarter last year. As a group, research analysts expect that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Needham & Company LLC raised their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. TD Cowen raised their price objective on shares of Credo Technology Group from $50.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Bank of America dropped their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. 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. Finally, Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $78.60.

Institutional Trading of Credo Technology Group

A number of large investors have recently added to or reduced their stakes in CRDO. Operose Advisors LLC increased its holdings in Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after buying an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group during the first quarter worth about $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Credo Technology Group during the first quarter worth about $27,000. Harbour Investments Inc. purchased a new stake in Credo Technology Group during the first quarter worth about $29,000. Finally, Virtus Advisers LLC bought a new position in Credo Technology Group during the first quarter worth about $31,000. Hedge funds and other institutional investors 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.