Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells $5,866,000.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following the completion of the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $165,750,927.86. This trade represents a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Tuesday, January 21st, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00.
• On Friday, January 10th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $73.26, for a total transaction of $7,326,000.00.
• On Monday, December 30th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $69.52, for a total transaction of $6,952,000.00.
• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $68.03, for a total transaction of $6,803,000.00.

Credo Technology Group Stock Up 8.4 %

Shares of CRDO traded up $5.42 during mid-day trading on Friday, hitting $70.02. 9,165,894 shares of the company’s stock traded hands, compared to its average volume of 5,673,530. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69. The firm has a market capitalization of $11.71 billion, a P/E ratio of -466.80 and a beta of 2.11. The business’s 50-day moving average price is $67.97 and its 200-day moving average price is $45.55.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group in the fourth quarter worth about $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group during the 4th quarter worth $43,000. Principal Securities Inc. increased its holdings in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares during the period. Allworth Financial LP boosted its position in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares in the last quarter. Finally, Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at about $30,000. 80.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on CRDO. TD Cowen increased their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group raised their target price 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. Susquehanna began coverage on Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target for the company. Needham & Company LLC raised their price target on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $76.40.

About Credo Technology Group

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.