Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $952,050.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $17.31, for a total transaction of $952,050.00. Following the transaction, the chief technology officer now directly owns 9,828,602 shares of the company’s stock, valued at approximately $170,133,100.62. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Thursday, April 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $22.13, for a total value of $1,217,150.00.
• On Monday, April 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.31, for a total value of $1,172,050.00.
• On Thursday, March 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.93, for a total value of $1,206,150.00.
• On Monday, March 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.93, for a total transaction of $1,151,150.00.
• On Tuesday, February 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.17, for a total transaction of $1,164,350.00.
• On Thursday, February 1st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.43, for a total transaction of $1,225,800.00.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $18.17 on Friday. The business has a fifty day moving average of $20.91 and a two-hundred day moving average of $19.22. Credo Technology Group Holding Ltd has a 52-week low of $7.20 and a 52-week high of $23.90. The stock has a market cap of $2.97 billion, a PE ratio of -79.00 and a beta of 1.97.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. The firm had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the firm posted $0.02 EPS. Analysts predict that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CRDO shares. TD Cowen increased their target price on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research note on Wednesday, February 28th. The Goldman Sachs Group lifted their price objective on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Needham & Company LLC upped their target price on Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Craig Hallum lifted 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 note on Monday, April 15th. Finally, Mizuho restated a “buy” rating and issued a $30.00 price objective (up previously from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $24.25.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of the business. Ulland Investment Advisors LLC bought a new position in Credo Technology Group in the 1st quarter valued at $29,000. Banque Cantonale Vaudoise bought a new stake in shares of Credo Technology Group during the first quarter worth approximately $97,000. Assetmark Inc. lifted its holdings in Credo Technology Group by 30.1% in the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after buying an additional 1,263 shares during the period. Asset Management One Co. Ltd. bought a new position in Credo Technology Group in the third quarter valued at approximately $95,000. Finally, Quadrature Capital Ltd acquired a new stake in Credo Technology Group during the 3rd quarter worth $166,000. 80.46% of the stock is currently owned by institutional investors.

About Credo Technology Group

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.