Chi Fung Cheng Sells 55,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, October 11th. The stock was sold at an average price of $38.41, for a total value of $2,112,550.00. Following the completion of the sale, the chief technology officer now directly owns 8,893,602 shares of the company’s stock, valued at approximately $341,603,252.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Chi Fung Cheng also recently made the following trade(s):

• On Thursday, October 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.07, for a total value of $1,708,850.00.
• On Monday, September 23rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $29.67, for a total value of $1,631,850.00.
• On Friday, September 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $28.22, for a total value of $1,552,100.00.
• On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.06, for a total value of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.08, for a total value of $1,709,400.00.
• On Friday, August 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $27.33, for a total value of $1,503,150.00.
• On Thursday, August 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $26.85, for a total value of $1,476,750.00.
• On Friday, July 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $29.30, for a total value of $1,611,500.00.

Credo Technology Group Stock Down 4.6 %

Shares of Credo Technology Group stock opened at $36.38 on Wednesday. Credo Technology Group Holding Ltd has a twelve month low of $13.38 and a twelve month high of $40.37. The business has a 50-day moving average price of $31.01 and a 200 day moving average price of $26.70. The firm has a market cap of $6.01 billion, a PE ratio of -202.11 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) EPS 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 firm had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. On average, sell-side analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Stifel Nicolaus lifted their target price on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Mizuho increased their price target on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday. Craig Hallum raised their price objective on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Finally, Roth Mkm increased their price target on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.44.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group during the 2nd quarter worth approximately $29,000. Fifth Third Bancorp lifted its holdings in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares during the last quarter. Covestor Ltd lifted its holdings in Credo Technology Group by 19,240.0% in the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after acquiring an additional 1,924 shares during the last quarter. CWM LLC lifted its holdings in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares during the last quarter. Finally, Cranbrook Wealth Management LLC purchased a new stake in Credo Technology Group in the second quarter valued at approximately $51,000. 80.46% of the stock is currently 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.