Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) Director Lip Bu Tan sold 75,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $75.20, for a total value of $5,640,000.00. Following the completion of the transaction, the director now owns 888,725 shares of the company's stock, valued at approximately $66,832,120. The trade was a 7.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Credo Technology Group Stock Performance
Shares of NASDAQ CRDO traded down $2.56 during trading on Tuesday, hitting $68.53. The company had a trading volume of 6,839,079 shares, compared to its average volume of 3,869,864. The company has a market cap of $11.64 billion, a P/E ratio of -456.87 and a beta of 2.42. Credo Technology Group Holding Ltd has a 52 week low of $22.50 and a 52 week high of $86.69. The business's 50-day moving average is $51.42 and its 200 day moving average is $58.79.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $170.00 million for the quarter, compared to analysts' expectations 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 firm's revenue 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. On average, research analysts expect that Credo Technology Group Holding Ltd will post 0.13 EPS for the current year.
Hedge Funds Weigh In On Credo Technology Group
Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Norges Bank purchased a new position in Credo Technology Group during the 4th quarter worth approximately $117,242,000. Nuveen LLC purchased a new position in Credo Technology Group during the 1st quarter worth approximately $52,636,000. Alliancebernstein L.P. grew its position in Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after purchasing an additional 1,305,594 shares in the last quarter. Polar Capital Holdings Plc grew its position in Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after purchasing an additional 1,150,084 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after purchasing an additional 909,578 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
CRDO has been the subject of a number of research reports. Needham & Company LLC lifted 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 cut their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Susquehanna reaffirmed a "positive" rating and set a $90.00 price target (up previously from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Finally, Stifel Nicolaus lifted their price target on Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of "Buy" and an average price target of $78.60.
Get Our Latest Stock Report on CRDO
About Credo Technology Group
(
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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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