Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells $6,952,000.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $69.52, for a total value of $6,952,000.00. Following the sale, the chief operating officer now owns 300,000 shares of the company’s stock, valued at approximately $20,856,000. The trade was a 25.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00.
• On Friday, October 11th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.41, for a total transaction of $384,100.00.

Credo Technology Group Stock Performance

CRDO stock traded down $2.39 during mid-day trading on Tuesday, hitting $67.21. 2,735,156 shares of the company were exchanged, compared to its average volume of 2,485,747. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $78.97. The firm’s 50 day simple moving average is $54.05 and its 200 day simple moving average is $38.91. The firm has a market cap of $11.24 billion, a P/E ratio of -448.07 and a beta of 2.26.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Swedbank AB increased its holdings in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares during the period. FMR LLC grew its holdings in shares of Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after buying an additional 1,013,789 shares in the last quarter. JPMorgan Chase & Co. raised its position in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after acquiring an additional 705,512 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Mizuho raised their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Stifel Nicolaus restated a “buy” rating and issued a $75.00 price target (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Susquehanna initiated coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. Finally, TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average target price of $68.60.

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.