Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells 10,000 Shares of Stock

Posted by Latisha Jones on Apr 15th, 2024

Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $22.12, for a total transaction of $221,200.00. Following the sale, the chief operating officer now owns 3,153,738 shares of the company’s stock, valued at $69,760,684.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

On Wednesday, April 3rd, Yat Tung Lam sold 153,825 shares of Credo Technology Group stock. The shares were sold at an average price of $22.58, for a total transaction of $3,473,368.50.
On Monday, March 25th, Yat Tung Lam sold 94,329 shares of Credo Technology Group stock. The stock was sold at an average price of $22.51, for a total transaction of $2,123,345.79.
On Tuesday, March 19th, Yat Tung Lam sold 37,733 shares of Credo Technology Group stock. The stock was sold at an average price of $20.02, for a total transaction of $755,414.66.
On Monday, March 11th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.93, for a total transaction of $209,300.00.
On Wednesday, February 28th, Yat Tung Lam sold 215,364 shares of Credo Technology Group stock. The stock was sold at an average price of $22.92, for a total transaction of $4,936,142.88.
On Monday, February 26th, Yat Tung Lam sold 140,255 shares of Credo Technology Group stock. The stock was sold at an average price of $22.55, for a total transaction of $3,162,750.25.
On Thursday, February 22nd, Yat Tung Lam sold 315,601 shares of Credo Technology Group stock. The stock was sold at an average price of $22.93, for a total transaction of $7,236,730.93.
On Tuesday, February 20th, Yat Tung Lam sold 130,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.17, for a total transaction of $2,752,100.00.
On Thursday, February 15th, Yat Tung Lam sold 46,321 shares of Credo Technology Group stock. The stock was sold at an average price of $22.52, for a total transaction of $1,043,148.92.
On Tuesday, February 13th, Yat Tung Lam sold 407 shares of Credo Technology Group stock. The stock was sold at an average price of $22.50, for a total transaction of $9,157.50.

Credo Technology Group Stock Performance

Shares of CRDO traded down $2.00 on Monday, hitting $19.44. 2,749,047 shares of the stock traded hands, compared to its average volume of 2,170,787. The company has a market capitalization of $3.17 billion, a PE ratio of -86.48 and a beta of 1.97. The business has a 50 day simple moving average of $21.57 and a 200 day simple moving average of $19.13. Credo Technology Group Holding Ltd has a one year low of $7.20 and a one year high of $23.90.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. The company had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 earnings per share. On average, equities analysts expect that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada bought a new stake in shares of Credo Technology Group during the first quarter valued at approximately $26,000. Ameritas Investment Partners Inc. purchased a new stake in Credo Technology Group in the first quarter worth approximately $26,000. Advisors Asset Management Inc. boosted its holdings in Credo Technology Group by 295.9% in the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after purchasing an additional 1,376 shares during the last quarter. Altshuler Shaham Ltd purchased a new stake in Credo Technology Group in the fourth quarter worth approximately $40,000. Finally, KBC Group NV purchased a new stake in Credo Technology Group in the fourth quarter worth approximately $43,000. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on CRDO. Craig Hallum increased their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. TD Cowen increased their price target on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. Needham & Company LLC increased their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Finally, Mizuho reaffirmed a “buy” rating and set a $30.00 target price (up previously from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $24.25.

View Our Latest Report on CRDO

About Credo Technology Group

(Get Free Report)

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.