Yat Tung Lam Sells 100,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $73.26, for a total value of $7,326,000.00. Following the completion of the transaction, the chief operating officer now owns 200,000 shares in the company, valued at approximately $14,652,000. This represents a 33.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

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

• 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 value of $6,952,000.00.
• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00.

Credo Technology Group Stock Up 0.5 %

CRDO opened at $69.39 on Wednesday. The stock has a market cap of $11.60 billion, a PE ratio of -462.60 and a beta of 2.11. The business has a 50 day moving average of $61.04 and a 200-day moving average of $42.20. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $78.97.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. Allworth Financial LP lifted its position in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares during the period. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group during the third quarter valued at approximately $30,000. GAMMA Investing LLC lifted its holdings in shares of 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 purchasing an additional 351 shares during the last quarter. Brown Brothers Harriman & Co. boosted its position in shares of Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares in the last quarter. Finally, Cranbrook Wealth Management LLC purchased a new stake in shares of Credo Technology Group in the 2nd quarter worth approximately $51,000. Institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CRDO. Roth Mkm lifted their target price 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. Barclays upped their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus raised 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, January 6th. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Finally, Susquehanna assumed coverage on 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 analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $75.40.

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.