Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $1,217,150.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $22.13, for a total value of $1,217,150.00. Following the completion of the transaction, the chief technology officer now owns 9,883,602 shares of the company’s stock, valued at approximately $218,724,112.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• 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 shares were 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 value of $1,151,150.00.
• On Tuesday, February 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.17, for a total value of $1,164,350.00.
• On Thursday, February 1st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.43, for a total value of $1,225,800.00.
• On Monday, January 22nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.62, for a total value of $1,297,200.00.

Credo Technology Group Trading Down 4.1 %

Credo Technology Group stock opened at $18.59 on Thursday. The stock has a market cap of $3.04 billion, a PE ratio of -80.83 and a beta of 1.97. The stock has a 50-day moving average price of $21.46 and a 200 day moving average price of $19.18. Credo Technology Group Holding Ltd has a 52 week low of $7.20 and a 52 week high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $53.06 million during the quarter, compared to analysts’ expectations of $51.91 million. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.02 EPS. On average, equities analysts predict that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.

Analyst Ratings Changes

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

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in 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.

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.