Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan Sells 45,476 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 45,476 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the transaction, the director now directly owns 39,736 shares in the company, valued at $1,262,015.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, July 8th, Lip Bu Tan sold 112,441 shares of Credo Technology Group stock. The shares were sold at an average price of $31.99, for a total transaction of $3,596,987.59.

Credo Technology Group Trading Down 1.8 %

Credo Technology Group stock opened at $30.66 on Friday. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $32.78. The stock has a market cap of $5.06 billion, a P/E ratio of -170.33 and a beta of 2.24. The company has a 50-day moving average price of $25.09 and a 200 day moving average price of $22.10.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). Credo Technology Group had a negative return on equity of 4.51% and a negative net margin of 14.70%. The firm had revenue of $60.78 million for the quarter, compared to analyst estimates of $60.50 million. As a group, analysts forecast that Credo Technology Group Holding Ltd will post 0.07 EPS for the current year.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC increased its position in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the second quarter valued at about $392,000. Harbor Capital Advisors Inc. increased its position in shares of Credo Technology Group by 319.8% during the second quarter. Harbor Capital Advisors Inc. now owns 31,383 shares of the company’s stock valued at $1,002,000 after acquiring an additional 23,907 shares during the last quarter. Marathon Strategic Advisors LLC acquired a new stake in shares of Credo Technology Group during the second quarter valued at about $240,000. Finally, Castleark Management LLC acquired a new stake in shares of Credo Technology Group during the first quarter valued at about $3,876,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Craig Hallum increased their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 15th. Bank of America reaffirmed an “underperform” rating and set a $22.00 price objective (up from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. Needham & Company LLC increased their target price on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. TD Cowen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating and increased their target price for the company from $24.00 to $35.00 in a research report on Tuesday, June 25th. Finally, Barclays increased their target price on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $28.25.

About Credo Technology Group

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.