Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $952,050.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $17.31, for a total value of $952,050.00. Following the completion of the sale, the chief technology officer now directly owns 9,828,602 shares of the company’s stock, valued at $170,133,100.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• On Thursday, April 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $22.13, for a total value of $1,217,150.00.
• On Monday, April 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.31, for a total value of $1,172,050.00.
• On Thursday, March 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.93, for a total value of $1,206,150.00.
• On Monday, March 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.93, for a total value of $1,151,150.00.
• On Tuesday, February 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.17, for a total value of $1,164,350.00.
• On Thursday, February 1st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.43, for a total value of $1,225,800.00.

Credo Technology Group Trading Up 1.1 %

NASDAQ CRDO opened at $17.78 on Thursday. The business’s 50 day moving average is $20.99 and its two-hundred day moving average is $19.23. Credo Technology Group Holding Ltd has a 12-month low of $7.20 and a 12-month high of $23.90. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -77.30 and a beta of 1.97.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The company had revenue of $53.06 million for the quarter, compared to analysts’ expectations of $51.91 million. During the same quarter in the previous year, the firm posted $0.02 EPS. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. Equities analysts forecast that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Craig Hallum boosted their price target on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Mizuho restated a “buy” rating and issued a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. The Goldman Sachs Group boosted their price target on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. TD Cowen boosted their price target on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. Finally, Needham & Company LLC boosted their price target on Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $24.25.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the company. Asset Management One Co. Ltd. purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $95,000. Banque Cantonale Vaudoise purchased a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $97,000. Assetmark Inc. boosted its stake in shares of Credo Technology Group by 30.1% during the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after acquiring an additional 1,263 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $166,000. Finally, Victory Capital Management Inc. purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $179,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.