Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells 75,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 75,000 shares of Credo Technology Group stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $75.20, for a total transaction of $5,640,000.00. Following the completion of the sale, the director now owns 888,725 shares in the company, valued at approximately $66,832,120. This represents a 7.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Credo Technology Group Price Performance

CRDO traded down $1.87 on Monday, hitting $71.09. The company had a trading volume of 6,543,002 shares, compared to its average volume of 3,857,842. The company’s fifty day moving average price is $50.79 and its 200 day moving average price is $58.72. Credo Technology Group Holding Ltd has a 1-year low of $22.50 and a 1-year high of $86.69. The stock has a market cap of $12.07 billion, a price-to-earnings ratio of -473.93 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The firm had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same period in the previous year, the company earned $0.07 EPS. The company’s revenue for the quarter was up 179.6% on a year-over-year basis. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd will post 0.13 EPS for the current year.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth approximately $38,000. Operose Advisors LLC lifted its holdings in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after buying an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Credo Technology Group during the first quarter worth approximately $25,000. WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group during the fourth quarter worth approximately $43,000. Finally, Principal Securities Inc. lifted its holdings in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after buying an additional 576 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRDO. TD Cowen boosted their price target on shares of Credo Technology Group from $50.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Stifel Nicolaus lifted their price target on Credo Technology Group from $69.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Mizuho lowered their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. Needham & Company LLC lifted their target price on Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Finally, Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Eleven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Buy” and an average target price of $78.60.

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.