Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells 100,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $73.26, for a total value of $7,326,000.00. Following the sale, the chief operating officer now directly owns 200,000 shares of the company’s stock, valued at $14,652,000. This represents a 33.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• 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 value 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 value of $6,803,000.00.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $75.60 on Friday. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $78.97. The stock has a market capitalization of $12.64 billion, a P/E ratio of -504.00 and a beta of 2.11. The stock’s fifty day moving average is $62.23 and its 200 day moving average is $42.66.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CRDO shares. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Craig Hallum increased their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Roth Mkm increased their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Mizuho increased their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $75.40.

Institutional Trading of Credo Technology Group

Several large investors have recently bought and sold shares of CRDO. Dimensional Fund Advisors LP boosted its stake in Credo Technology Group by 13.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock valued at $67,473,000 after buying an additional 242,428 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Credo Technology Group by 10.0% in the second quarter. Renaissance Technologies LLC now owns 865,938 shares of the company’s stock valued at $27,658,000 after buying an additional 78,700 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Credo Technology Group in the second quarter valued at about $869,000. Connors Investor Services Inc. boosted its stake in Credo Technology Group by 2.5% in the second quarter. Connors Investor Services Inc. now owns 125,326 shares of the company’s stock valued at $4,003,000 after buying an additional 3,034 shares in the last quarter. Finally, Cranbrook Wealth Management LLC acquired a new stake in Credo Technology Group in the second quarter valued at about $51,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.