Lip Bu Tan Sells 100,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

by · The Markets Daily

Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) Director Lip Bu Tan sold 100,000 shares of Credo Technology Group stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $32.10, for a total value of $3,210,000.00. Following the completion of the transaction, the director now directly owns 2,413,725 shares of the company’s stock, valued at approximately $77,480,572.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Lip Bu Tan also recently made the following trade(s):

  • On Monday, October 7th, Lip Bu Tan sold 143,046 shares of Credo Technology Group stock. The stock was sold at an average price of $32.29, for a total value of $4,618,955.34.
  • On Wednesday, October 2nd, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00.
  • On Monday, September 30th, Lip Bu Tan sold 13,820 shares of Credo Technology Group stock. The shares were sold at an average price of $31.12, for a total transaction of $430,078.40.
  • On Monday, July 15th, Lip Bu Tan sold 245,438 shares of Credo Technology Group stock. The shares were sold at an average price of $32.67, for a total transaction of $8,018,459.46.
  • On Friday, July 12th, Lip Bu Tan sold 12,845 shares of Credo Technology Group stock. The shares were sold at an average price of $31.51, for a total value of $404,745.95.
  • On Wednesday, July 10th, Lip Bu Tan sold 6,110 shares of Credo Technology Group stock. The shares were sold at an average price of $31.33, for a total value of $191,426.30.

Credo Technology Group Stock Performance

CRDO stock opened at $33.71 on Wednesday. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of -187.28 and a beta of 2.24. Credo Technology Group Holding Ltd has a fifty-two week low of $13.38 and a fifty-two week high of $36.80. The stock has a fifty day moving average of $29.90 and a 200-day moving average of $26.16.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued 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). The firm had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Equities analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CRDO shares. The Goldman Sachs Group increased their target price on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Craig Hallum raised their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Needham & Company LLC upped their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Bank of America lifted their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Finally, TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Get Our Latest Report on CRDO

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group during the second quarter worth about $29,000. Fifth Third Bancorp lifted 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 purchasing an additional 400 shares during the last quarter. Covestor Ltd grew its stake in Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after buying an additional 1,924 shares in the last quarter. CWM LLC increased 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 buying an additional 594 shares during the last quarter. Finally, Cranbrook Wealth Management LLC purchased a new stake in shares of Credo Technology Group during the 2nd quarter valued at $51,000. 80.46% of the stock is currently owned by institutional investors.

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.

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