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 firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the completion of the transaction, the chief technology officer now directly owns 9,058,602 shares in the company, valued at approximately $255,633,748.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• 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 transaction of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $31.08, for a total transaction 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.
• On Thursday, July 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.63, for a total transaction of $1,684,650.00.
• On Friday, June 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $27.49, for a total transaction of $1,511,950.00.

Credo Technology Group Stock Down 1.9 %

Credo Technology Group stock traded down $0.52 during mid-day trading on Tuesday, reaching $27.24. 2,059,391 shares of the company’s stock traded hands, compared to its average volume of 2,231,935. The stock has a 50 day moving average of $29.80 and a two-hundred day moving average of $25.10. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $36.80. The company has a market cap of $4.50 billion, a price-to-earnings ratio of -154.22 and a beta of 2.26.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ulland Investment Advisors LLC bought a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $29,000. Arcadia Investment Management Corp MI purchased a new position in Credo Technology Group during the second quarter worth $29,000. Fifth Third Bancorp increased its position in Credo Technology Group by 59.3% during 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 raised its stake in shares of 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 period. Finally, CWM LLC lifted its holdings in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CRDO shares. Roth Mkm lifted 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 note on Thursday, September 5th. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research report on Monday. Stifel Nicolaus increased their target price on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Needham & Company LLC boosted their price target on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, Craig Hallum upped their price target on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $34.00.

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.