Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells 3,527 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) Director Lip Bu Tan sold 3,527 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $76.05, for a total value of $268,228.35. Following the transaction, the director now owns 785,198 shares in the company, valued at approximately $59,714,307.90. This represents a 0.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Thursday, June 12th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $75.33, for a total value of $7,533,000.00.
• On Thursday, June 5th, Lip Bu Tan sold 75,000 shares of Credo Technology Group stock. The shares were 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 hours on Monday, hitting $79.17. 6,173,945 shares of the stock were exchanged, compared to its average volume of 3,941,161. Credo Technology Group Holding Ltd has a 12 month low of $22.50 and a 12 month high of $86.69. The stock has a 50-day simple moving average of $53.72 and a 200-day simple moving average of $59.44. The stock has a market cap of $13.44 billion, a price-to-earnings ratio of -527.80 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $159.59 million. During the same period in the previous year, the business posted $0.07 EPS. The company's quarterly revenue was up 179.6% on a year-over-year basis. Sell-side analysts expect that Credo Technology Group Holding Ltd will post 0.13 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CRDO. Susquehanna restated a "positive" rating and set a $90.00 target price (up from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Bank of America lowered their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Roth Capital set a $95.00 target price on Credo Technology Group and gave the company a "buy" rating in a research report on Friday. Needham & Company LLC raised 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. Finally, Barclays set a $85.00 price target on shares of Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Twelve 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 presently has a consensus rating of "Buy" and an average target price of $80.09.

Institutional Trading of Credo Technology Group

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

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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