Lip Bu Tan Sells 15,281 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 15,281 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $39.05, for a total transaction of $596,723.05. Following the sale, the director now directly owns 1,748,444 shares in the company, valued at $68,276,738.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, October 11th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.16, for a total transaction of $3,816,000.00.
• On Wednesday, October 9th, Lip Bu Tan sold 125,000 shares of Credo Technology Group stock. The stock was sold at an average price of $35.18, for a total transaction of $4,397,500.00.
• On Monday, October 7th, Lip Bu Tan sold 143,046 shares of Credo Technology Group stock. The stock was sold at an average price of $32.29, for a total transaction of $4,618,955.34.
• On Friday, October 4th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.10, for a total transaction of $3,210,000.00.
• On Wednesday, October 2nd, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00.
• 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 transaction of $430,078.40.

Credo Technology Group Stock Down 4.6 %

CRDO traded down $1.77 during trading on Tuesday, hitting $36.38. 3,408,228 shares of the company’s stock were exchanged, compared to its average volume of 2,238,646. The business’s 50 day moving average is $30.79 and its two-hundred day moving average is $26.60. Credo Technology Group Holding Ltd has a fifty-two week low of $13.38 and a fifty-two week high of $40.37. The stock has a market cap of $6.01 billion, a P/E ratio of -202.11 and a beta of 2.24.

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CRDO shares. Barclays boosted their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Bank of America boosted their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Roth Mkm boosted their target price on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $35.44.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. AMF Tjanstepension AB raised its holdings in Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after buying an additional 413,149 shares during the last quarter. Thornburg Investment Management Inc. raised its holdings in shares of Credo Technology Group by 37.1% in the first quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after purchasing an additional 64,177 shares during the last quarter. Capstone Investment Advisors LLC purchased a new stake in shares of Credo Technology Group in the first quarter valued at about $2,732,000. Carnegie Investment Counsel raised its holdings in shares of Credo Technology Group by 7.3% in the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock valued at $9,610,000 after purchasing an additional 21,350 shares during the last quarter. Finally, Swiss National Bank raised its holdings in shares of Credo Technology Group by 14.7% in the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock valued at $5,391,000 after purchasing an additional 32,600 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.