Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan Sells 150,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the transaction, the director now directly owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Lip Bu Tan also recently made the following trade(s):

• On Thursday, December 5th, Lip Bu Tan sold 3,799 shares of Credo Technology Group stock. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27.
• On Monday, October 14th, Lip Bu Tan sold 15,281 shares of Credo Technology Group stock. The shares were sold at an average price of $39.05, for a total transaction of $596,723.05.
• On Friday, October 11th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.16, for a total transaction of $3,816,000.00.

Credo Technology Group Stock Performance

Credo Technology Group stock traded down $2.26 during mid-day trading on Wednesday, reaching $73.02. The company’s stock had a trading volume of 3,717,562 shares, compared to its average volume of 4,151,935. The company has a market capitalization of $12.21 billion, a P/E ratio of -486.80 and a beta of 2.11. The firm’s fifty day moving average price is $57.88 and its two-hundred day moving average price is $40.73. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $78.97.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in the stock. Allworth Financial LP boosted its stake in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the period. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group in the third quarter valued at approximately $30,000. GAMMA Investing LLC grew its stake in Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after acquiring an additional 351 shares in the last quarter. Brown Brothers Harriman & Co. increased its holdings in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after acquiring an additional 1,001 shares during the period. Finally, Cranbrook Wealth Management LLC purchased a new stake in Credo Technology Group in the 2nd quarter worth approximately $51,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research analyst reports. Stifel Nicolaus boosted their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday. Barclays boosted their price objective on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. TD Cowen lifted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Mizuho increased their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Finally, Susquehanna initiated coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.10.

About Credo Technology Group

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.