Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $22.13, for a total value of $1,217,150.00. Following the completion of the sale, the chief technology officer now directly owns 9,883,602 shares in the company, valued at approximately $218,724,112.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• 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 shares were sold at an average price of $21.93, for a total transaction 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 stock was sold at an average price of $21.17, for a total value of $1,164,350.00.
• On Thursday, February 1st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.43, for a total value of $1,225,800.00.
• On Monday, January 22nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.62, for a total transaction of $1,297,200.00.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO traded down $2.00 during trading on Monday, reaching $19.44. The company had a trading volume of 2,749,047 shares, compared to its average volume of 2,170,787. The firm has a market capitalization of $3.17 billion, a PE ratio of -84.52 and a beta of 1.97. Credo Technology Group Holding Ltd has a twelve month low of $7.20 and a twelve month high of $23.90. The firm’s fifty day moving average is $21.53 and its 200 day moving average is $19.16.

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

Institutional Trading of Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. Counterpoint Mutual Funds LLC acquired a new position in shares of Credo Technology Group in the 1st quarter valued at about $276,000. Banque Cantonale Vaudoise acquired a new stake in shares of Credo Technology Group during the 1st quarter valued at $97,000. Vanguard Group Inc. increased its stake in shares of Credo Technology Group by 11.3% in the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after acquiring an additional 1,420,664 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Credo Technology Group during the fourth quarter valued at $35,224,000. Finally, American International Group Inc. increased its position in Credo Technology Group by 17.1% in the 4th quarter. American International Group Inc. now owns 57,044 shares of the company’s stock worth $1,111,000 after purchasing an additional 8,323 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

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

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.