Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam Sells 100,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $73.26, for a total value of $7,326,000.00. Following the transaction, the chief operating officer now owns 200,000 shares of the company’s stock, valued at $14,652,000. The trade was a 33.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Monday, December 30th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.52, for a total transaction of $6,952,000.00.
• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00.

Credo Technology Group Price Performance

CRDO stock opened at $69.39 on Wednesday. The firm has a 50 day simple moving average of $61.04 and a two-hundred day simple moving average of $42.20. The stock has a market cap of $11.60 billion, a PE ratio of -462.60 and a beta of 2.11. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $78.97.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRDO. Roth Mkm lifted their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Susquehanna started coverage on Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price objective on the stock. Needham & Company LLC raised their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Craig Hallum upped their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price objective for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $75.40.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Allworth Financial LP lifted its stake in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the last quarter. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at about $30,000. GAMMA Investing LLC lifted its position in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares during the last quarter. Brown Brothers Harriman & Co. boosted its stake in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares in the last quarter. Finally, Cranbrook Wealth Management LLC bought a new position in Credo Technology Group during the second quarter valued at approximately $51,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

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.