Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan Sells 100,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) 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 sale, the director now owns 788,725 shares in the company, valued at approximately $59,414,654.25. The trade was a 11.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 value 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

CRDO traded up $5.68 during trading on Monday, hitting $79.17. The company had a trading volume of 6,173,945 shares, compared to its average volume of 3,941,161. Credo Technology Group Holding Ltd has a 1-year low of $22.50 and a 1-year high of $86.69. The company has a market cap of $13.44 billion, a PE ratio of -527.80 and a beta of 2.42. The business has a 50-day moving average of $53.72 and a 200-day moving average of $59.44.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued 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. 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 for the quarter, compared to analyst estimates of $159.59 million. During the same quarter in the prior year, the business posted $0.07 EPS. The company's revenue for the quarter was up 179.6% on a year-over-year basis. Research analysts forecast that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current year.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC lifted its holdings in Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after acquiring an additional 245 shares during the last quarter. Operose Advisors LLC grew its holdings in shares of 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 purchasing an additional 252 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in shares of Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after purchasing an additional 348 shares during the period. Amalgamated Bank raised its position in shares of Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company's stock worth $321,000 after purchasing an additional 411 shares during the period. Finally, Arizona State Retirement System lifted its holdings in shares of Credo Technology Group by 1.2% in the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock worth $2,751,000 after purchasing an additional 501 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of research reports. TD Cowen lifted their target price on shares of Credo Technology Group from $50.00 to $85.00 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 note on Tuesday, June 3rd. Needham & Company LLC lifted their price objective on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Roth Capital set a $95.00 target price on Credo Technology Group and gave the company a "buy" rating in a research note on Friday. Finally, Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $80.09.

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.

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