Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells 10,000 Shares of Stock

Posted by Faye Duncan on Apr 17th, 2024

Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $22.12, for a total transaction of $221,200.00. Following the completion of the transaction, the chief operating officer now directly owns 3,153,738 shares of the company’s stock, valued at approximately $69,760,684.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Yat Tung Lam also recently made the following trade(s):

On Wednesday, April 3rd, Yat Tung Lam sold 153,825 shares of Credo Technology Group stock. The shares were sold at an average price of $22.58, for a total transaction of $3,473,368.50.
On Monday, March 25th, Yat Tung Lam sold 94,329 shares of Credo Technology Group stock. The shares were sold at an average price of $22.51, for a total transaction of $2,123,345.79.
On Tuesday, March 19th, Yat Tung Lam sold 37,733 shares of Credo Technology Group stock. The shares were sold at an average price of $20.02, for a total transaction of $755,414.66.
On Monday, March 11th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.93, for a total transaction of $209,300.00.
On Wednesday, February 28th, Yat Tung Lam sold 215,364 shares of Credo Technology Group stock. The shares were sold at an average price of $22.92, for a total transaction of $4,936,142.88.
On Monday, February 26th, Yat Tung Lam sold 140,255 shares of Credo Technology Group stock. The shares were sold at an average price of $22.55, for a total transaction of $3,162,750.25.
On Thursday, February 22nd, Yat Tung Lam sold 315,601 shares of Credo Technology Group stock. The shares were sold at an average price of $22.93, for a total transaction of $7,236,730.93.
On Tuesday, February 20th, Yat Tung Lam sold 130,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.17, for a total transaction of $2,752,100.00.
On Thursday, February 15th, Yat Tung Lam sold 46,321 shares of Credo Technology Group stock. The shares were sold at an average price of $22.52, for a total transaction of $1,043,148.92.
On Tuesday, February 13th, Yat Tung Lam sold 407 shares of Credo Technology Group stock. The stock was sold at an average price of $22.50, for a total transaction of $9,157.50.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $19.38 on Wednesday. The firm’s 50-day moving average is $21.53 and its two-hundred day moving average is $19.16. Credo Technology Group Holding Ltd has a 12 month low of $7.20 and a 12 month high of $23.90. The company has a market capitalization of $3.16 billion, a PE ratio of -84.26 and a beta of 1.97.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its earnings results on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The company had revenue of $53.06 million for the quarter, compared to the consensus estimate of $51.91 million. During the same period in the previous year, the firm earned $0.02 earnings per share. Credo Technology Group’s quarterly revenue was down 2.2% compared to the same quarter last year. Sell-side analysts forecast that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRDO. The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Mizuho restated a “buy” rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. Craig Hallum boosted their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday. Finally, TD Cowen boosted their price target on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.25.

Check Out Our Latest Stock Report on Credo Technology Group

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently made changes to their positions in CRDO. BlackRock Inc. raised its stake in shares of Credo Technology Group by 255.4% in the 3rd quarter. BlackRock Inc. now owns 12,750,435 shares of the company’s stock valued at $140,255,000 after acquiring an additional 9,162,371 shares during the period. Capital Research Global Investors purchased a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $125,306,000. Vanguard Group Inc. raised its stake in shares of Credo Technology Group by 263.1% in the 3rd quarter. Vanguard Group Inc. now owns 6,940,826 shares of the company’s stock valued at $76,349,000 after acquiring an additional 5,029,051 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $29,508,000. Finally, State Street Corp raised its stake in shares of Credo Technology Group by 712.7% in the 3rd quarter. State Street Corp now owns 2,955,370 shares of the company’s stock valued at $32,509,000 after acquiring an additional 2,591,741 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

(Get Free Report)

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.