Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells 100,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total value of $5,866,000.00. Following the completion of the sale, the chief operating officer now owns 2,825,621 shares of the company’s stock, valued at $165,750,927.86. The trade was a 3.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Yat Tung Lam also recently made the following trade(s):

• On Tuesday, January 21st, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00.
• On Friday, January 10th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $73.26, for a total transaction of $7,326,000.00.
• On Monday, December 30th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $69.52, for a total transaction of $6,952,000.00.
• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00.

Credo Technology Group Trading Up 8.4 %

Credo Technology Group stock traded up $5.42 during trading on Friday, hitting $70.02. The company had a trading volume of 9,165,894 shares, compared to its average volume of 5,673,530. The company’s 50 day simple moving average is $67.97 and its 200-day simple moving average is $45.55. The stock has a market cap of $11.71 billion, a price-to-earnings ratio of -466.80 and a beta of 2.11. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Roth Mkm upped their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Mizuho upped their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Susquehanna assumed coverage on Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target on the stock. Finally, Craig Hallum upped their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $76.40.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the business. Point72 Hong Kong Ltd acquired a new position in shares of Credo Technology Group in the third quarter worth $3,948,000. Wellington Management Group LLP grew its stake in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after acquiring an additional 705,512 shares in the last quarter. Centiva Capital LP acquired a new position in shares of Credo Technology Group during the third quarter worth $553,000. Charles Schwab Investment Management Inc. grew its stake in shares of Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after purchasing an additional 118,169 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.