Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

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

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 stock was sold at an average price of $21.31, for a total transaction of $1,172,050.00.
• On Thursday, March 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.93, for a total transaction of $1,206,150.00.
• On Monday, March 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.93, for a total transaction 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 transaction 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 transaction 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 transaction of $1,297,200.00.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded down $2.00 during midday trading on Monday, hitting $19.44. 2,749,047 shares of the company’s stock traded hands, compared to its average volume of 2,170,787. The firm has a fifty day moving average of $21.53 and a 200 day moving average of $19.16. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of -84.52 and a beta of 1.97. Credo Technology Group Holding Ltd has a 1 year low of $7.20 and a 1 year high of $23.90.

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

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent research reports. TD Cowen increased their target price on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a report on Wednesday, February 28th. Craig Hallum increased their target price on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. Mizuho restated a “buy” rating and set a $30.00 target price (up previously from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Finally, Needham & Company LLC increased their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Credo Technology Group in the third quarter worth $2,028,000. Vanguard Group Inc. raised its position in Credo Technology Group by 31.3% during the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after buying an additional 2,993,303 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Credo Technology Group by 17.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after acquiring an additional 1,299,600 shares during the period. Moody Aldrich Partners LLC boosted its holdings in shares of Credo Technology Group by 67.8% in the 4th quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock valued at $3,947,000 after acquiring an additional 81,904 shares during the last quarter. Finally, New York State Common Retirement Fund grew its position in Credo Technology Group by 63.2% during the 3rd quarter. New York State Common Retirement Fund now owns 64,203 shares of the company’s stock worth $979,000 after purchasing an additional 24,853 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.