Credo Technology Group (NASDAQ:CRDO) Shares Down 4.8% After Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price traded down 4.8% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $20.40 and last traded at $20.41. 567,606 shares were traded during trading, a decline of 74% from the average session volume of 2,148,518 shares. The stock had previously closed at $21.44.

Specifically, COO Yat Tung Lam sold 270,980 shares of the firm’s stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $19.14, for a total value of $5,186,557.20. Following the sale, the chief operating officer now directly owns 2,320,000 shares in the company, valued at approximately $44,404,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $21.62, for a total value of $1,297,200.00. Following the completion of the transaction, the chief technology officer now directly owns 10,648,602 shares of the company’s stock, valued at approximately $230,222,775.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 270,980 shares of the stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $19.14, for a total transaction of $5,186,557.20. Following the completion of the transaction, the chief operating officer now directly owns 2,320,000 shares of the company’s stock, valued at $44,404,800. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,087,198 shares of company stock worth $45,233,664. Corporate insiders own 23.89% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of recent research reports. The Goldman Sachs Group raised 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. TD Cowen raised their price objective 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. Needham & Company LLC lifted their price target on shares of 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 company a “buy” rating in a research note on Monday. Finally, Mizuho reissued a “buy” rating and issued a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a research note 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

Credo Technology Group Trading Down 0.5 %

The firm’s 50 day simple moving average is $21.53 and its 200-day simple moving average is $19.16.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping the consensus estimate 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 in the previous year, the firm earned $0.02 EPS. The company’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 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CRDO. Envestnet Asset Management Inc. purchased a new stake in Credo Technology Group in the 1st quarter valued at about $332,000. JPMorgan Chase & Co. purchased a new stake in Credo Technology Group in the 1st quarter valued at about $205,000. Bank of New York Mellon Corp purchased a new stake in Credo Technology Group in the 1st quarter valued at about $1,748,000. BlackRock Inc. purchased a new stake in Credo Technology Group in the 1st quarter valued at about $48,844,000. Finally, Vanguard Group Inc. purchased a new stake in Credo Technology Group in the 1st quarter valued at about $29,191,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.