Lip Bu Tan Sells 15,281 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 15,281 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $39.05, for a total value of $596,723.05. Following the sale, the director now owns 1,748,444 shares in the company, valued at $68,276,738.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• On Friday, October 11th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.16, for a total transaction of $3,816,000.00.
• On Wednesday, October 9th, Lip Bu Tan sold 125,000 shares of Credo Technology Group stock. The shares were sold at an average price of $35.18, for a total transaction of $4,397,500.00.
• On Monday, October 7th, Lip Bu Tan sold 143,046 shares of Credo Technology Group stock. The stock was sold at an average price of $32.29, for a total transaction of $4,618,955.34.
• On Friday, October 4th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.10, for a total value of $3,210,000.00.
• On Wednesday, October 2nd, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00.
• On Monday, September 30th, Lip Bu Tan sold 13,820 shares of Credo Technology Group stock. The stock was sold at an average price of $31.12, for a total value of $430,078.40.

Credo Technology Group Price Performance

CRDO opened at $36.99 on Thursday. The firm has a market capitalization of $6.11 billion, a PE ratio of -205.50 and a beta of 2.24. The business’s 50-day moving average is $31.26 and its two-hundred day moving average is $26.78. Credo Technology Group Holding Ltd has a 1 year low of $13.38 and a 1 year high of $40.37.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The firm had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on CRDO. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Barclays raised their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Craig Hallum lifted their target price on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Bank of America increased their price target on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $35.44.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp grew its stake in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the last quarter. CWM LLC boosted its holdings in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Credo Technology Group during the second quarter worth about $29,000. SeaCrest Wealth Management LLC increased its holdings in shares of Credo Technology Group by 8.3% during the third quarter. SeaCrest Wealth Management LLC now owns 12,261 shares of the company’s stock valued at $378,000 after acquiring an additional 938 shares in the last quarter. Finally, Diversified Trust Co raised its position in shares of Credo Technology Group by 4.3% in the 3rd quarter. Diversified Trust Co now owns 27,954 shares of the company’s stock valued at $861,000 after purchasing an additional 1,156 shares during the last quarter. 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 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.