Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $38.78, for a total value of $2,132,900.00. Following the completion of the transaction, the chief technology officer now directly owns 7,883,602 shares of the company's stock, valued at approximately $305,726,085.56. The trade was a 0.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

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

• On Wednesday, April 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $37.29, for a total transaction of $2,050,950.00.
• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00.
• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00.
• On Monday, January 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $57.87, for a total transaction of $3,182,850.00.
• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.57, for a total value of $4,834,200.00.
• On Tuesday, January 14th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.57, for a total value of $4,174,200.00.

Credo Technology Group Price Performance

CRDO stock traded down $1.20 during midday trading on Friday, reaching $36.52. 2,408,216 shares of the stock were exchanged, compared to its average volume of 3,508,314. The stock has a market capitalization of $6.20 billion, a PE ratio of -243.47 and a beta of 2.30. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The company has a fifty day moving average price of $48.58 and a 200 day moving average price of $54.50.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRDO. Rakuten Securities Inc. lifted its holdings in shares of Credo Technology Group by 81.8% during the first quarter. Rakuten Securities Inc. now owns 4,248 shares of the company's stock worth $171,000 after purchasing an additional 1,911 shares during the period. Fortitude Advisory Group L.L.C. increased its stake in shares of Credo Technology Group by 23.2% in the first quarter. Fortitude Advisory Group L.L.C. now owns 6,390 shares of the company's stock valued at $241,000 after buying an additional 1,203 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Credo Technology Group by 27.9% during the first quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock worth $270,000 after acquiring an additional 1,467 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in Credo Technology Group in the first quarter valued at approximately $301,000. Finally, Handelsbanken Fonder AB increased its position in Credo Technology Group by 7.3% during the 1st quarter. Handelsbanken Fonder AB now owns 35,400 shares of the company's stock valued at $1,422,000 after purchasing an additional 2,400 shares during the period. Institutional investors own 80.46% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CRDO. Barclays upped their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Needham & Company LLC reiterated a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America reduced their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Mizuho decreased their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Finally, The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Credo Technology Group has an average rating of "Buy" and an average target price of $73.50.

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.