Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $19.07, for a total value of $1,048,850.00. Following the completion of the sale, the chief technology officer now directly owns 9,663,602 shares of the company’s stock, valued at $184,284,890.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, May 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $17.43, for a total value of $958,650.00.
• On Wednesday, May 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $17.41, for a total value of $957,550.00.
• On Friday, April 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $17.31, for a total value of $952,050.00.
• 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 stock was 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 value of $1,151,150.00.

Credo Technology Group Stock Up 1.2 %

Shares of CRDO traded up $0.23 during trading hours on Wednesday, reaching $19.48. 1,071,125 shares of the company traded hands, compared to its average volume of 2,037,010. The stock has a market capitalization of $3.18 billion, a PE ratio of -84.83 and a beta of 2.03. Credo Technology Group Holding Ltd has a fifty-two week low of $10.65 and a fifty-two week high of $23.90. The stock has a fifty day simple moving average of $19.50 and a 200 day simple moving average of $19.68.

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

Analyst Ratings Changes

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

Institutional Trading of Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. boosted its stake in Credo Technology Group by 47.6% in the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after buying an additional 1,229 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after purchasing an additional 1,263 shares in the last quarter. Ulland Investment Advisors LLC acquired a new position in shares of Credo Technology Group in the 1st quarter valued at about $29,000. Rhumbline Advisers lifted its stake in shares of Credo Technology Group by 1.1% in the 3rd quarter. Rhumbline Advisers now owns 130,026 shares of the company’s stock valued at $1,983,000 after purchasing an additional 1,397 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in shares of Credo Technology Group by 9.7% in the 4th quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock valued at $320,000 after purchasing an additional 1,454 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.