Lip Bu Tan Sells 150,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the sale, the director now directly owns 2,638,725 shares in the company, valued at $80,481,112.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• 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.
• On Monday, July 15th, Lip Bu Tan sold 245,438 shares of Credo Technology Group stock. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46.
• On Friday, July 12th, Lip Bu Tan sold 12,845 shares of Credo Technology Group stock. The shares were sold at an average price of $31.51, for a total transaction of $404,745.95.
• On Wednesday, July 10th, Lip Bu Tan sold 6,110 shares of Credo Technology Group stock. The shares were sold at an average price of $31.33, for a total transaction of $191,426.30.
• On Monday, July 8th, Lip Bu Tan sold 112,441 shares of Credo Technology Group stock. The shares were sold at an average price of $31.99, for a total value of $3,596,987.59.
• On Friday, July 5th, Lip Bu Tan sold 45,476 shares of Credo Technology Group stock. The stock was sold at an average price of $31.76, for a total value of $1,444,317.76.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $30.89 on Friday. The company has a market cap of $5.10 billion, a price-to-earnings ratio of -171.61 and a beta of 2.24. The stock’s fifty day moving average price is $29.56 and its two-hundred day moving average price is $25.83. Credo Technology Group Holding Ltd has a 52-week low of $13.38 and a 52-week high of $36.80.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. On average, equities analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Credo Technology Group by 4.7% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,239,479 shares of the company’s stock valued at $39,589,000 after acquiring an additional 55,135 shares during the last quarter. Algert Global LLC acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at $622,000. Driehaus Capital Management LLC boosted its position in shares of Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares during the last quarter. Scientech Research LLC acquired a new stake in shares of Credo Technology Group during the second quarter worth $1,297,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Credo Technology Group by 27.2% in the second quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company’s stock valued at $54,225,000 after buying an additional 362,634 shares during the period. 80.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on CRDO. Needham & Company LLC increased their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Roth Mkm upped their price objective on shares of Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Barclays lifted their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Finally, Stifel Nicolaus increased their price target on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

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.