Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $957,550.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $17.41, for a total transaction of $957,550.00. Following the sale, the chief technology officer now directly owns 9,773,602 shares of the company’s stock, valued at approximately $170,158,410.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• 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 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 shares were 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 transaction of $1,164,350.00.

Credo Technology Group Trading Down 0.7 %

Credo Technology Group stock opened at $17.18 on Monday. Credo Technology Group Holding Ltd has a 12 month low of $7.20 and a 12 month high of $23.90. The stock’s 50 day simple moving average is $20.36 and its two-hundred day simple moving average is $19.35. The firm has a market cap of $2.81 billion, a PE ratio of -74.70 and a beta of 2.03.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data 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 prior year, the firm posted $0.02 EPS. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts forecast that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.

Analysts Set New Price Targets

CRDO has been the subject of several research reports. Mizuho reiterated a “buy” rating and set a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Needham & Company LLC lifted their price target on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. The Goldman Sachs Group boosted their price target on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Craig Hallum raised their price objective on 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, TD Cowen upped their target price on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently bought and sold shares of the stock. Ulland Investment Advisors LLC purchased a new stake in Credo Technology Group in the 1st quarter worth approximately $29,000. Asset Management One Co. Ltd. acquired a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $95,000. Banque Cantonale Vaudoise acquired a new position in shares of Credo Technology Group during the 1st quarter worth approximately $97,000. Assetmark Inc. raised its stake in shares of Credo Technology Group by 30.1% during the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after buying an additional 1,263 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $166,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.