Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells $6,113,000.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the completion of the sale, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at $61,130,000. This trade represents a 9.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Wednesday, January 29th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $58.66, for a total transaction of $5,866,000.00.
• 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 shares were 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 shares were sold at an average price of $68.03, for a total transaction of $6,803,000.00.

Credo Technology Group Stock Performance

CRDO stock traded up $2.58 during trading on Friday, hitting $55.18. 8,878,077 shares of the company’s stock traded hands, compared to its average volume of 5,489,010. The business has a fifty day simple moving average of $71.27 and a 200 day simple moving average of $51.38. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of -367.87 and a beta of 2.09. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased 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 purchasing an additional 771 shares during the period. Rakuten Securities Inc. acquired a new stake in Credo Technology Group during the 3rd quarter valued at approximately $30,000. Brown Brothers Harriman & Co. increased its holdings in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares in the last quarter. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group during the 4th quarter valued at approximately $38,000. Finally, WASHINGTON TRUST Co purchased a new stake in Credo Technology Group in the 4th quarter worth $43,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. The Goldman Sachs Group increased their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Mizuho increased their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Needham & Company LLC increased their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $76.40.

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.