Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells 150,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the transaction, the director now owns 963,725 shares in the company, valued at approximately $70,053,170.25. This trade represents a 13.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Monday, January 6th, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00.
• 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 value of $268,703.27.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $80.02 on Friday. The company has a market cap of $13.38 billion, a PE ratio of -533.47 and a beta of 2.11. The stock’s 50 day simple moving average is $62.88 and its two-hundred day simple moving average is $43.08. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $82.00.

Institutional Trading of Credo Technology Group

Institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Credo Technology Group by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock worth $67,473,000 after acquiring an additional 242,428 shares during the last quarter. Renaissance Technologies LLC raised its position in Credo Technology Group by 10.0% in the 2nd quarter. Renaissance Technologies LLC now owns 865,938 shares of the company’s stock worth $27,658,000 after purchasing an additional 78,700 shares during the period. Edgestream Partners L.P. bought a new stake in Credo Technology Group in the second quarter worth about $869,000. Andar Capital Management HK Ltd purchased a new position in shares of Credo Technology Group during the second quarter valued at approximately $2,012,000. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Credo Technology Group during the second quarter valued at approximately $3,654,000. 80.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CRDO has been the subject of several recent analyst reports. Barclays upped their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Roth Mkm boosted their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus raised their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Finally, 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 report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Company Profile

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.