Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.41, for a total value of $957,550.00. Following the sale, the chief technology officer now directly owns 9,773,602 shares in the company, valued at approximately $170,158,410.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Friday, April 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $17.31, for a total value of $952,050.00.
• On Thursday, April 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $22.13, for a total transaction of $1,217,150.00.
• On Monday, April 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.31, for a total transaction of $1,172,050.00.
• On Thursday, March 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.93, for a total transaction of $1,206,150.00.
• On Monday, March 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.93, for a total value of $1,151,150.00.
• On Tuesday, February 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.17, for a total value of $1,164,350.00.

Credo Technology Group Stock Down 0.7 %

Shares of CRDO stock opened at $17.18 on Friday. Credo Technology Group Holding Ltd has a 52 week low of $7.20 and a 52 week high of $23.90. The company has a 50-day simple moving average of $20.36 and a 200 day simple moving average of $19.29.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The business had revenue of $53.06 million for the quarter, compared to the consensus estimate of $51.91 million. During the same period in the prior year, the company posted $0.02 earnings per share. Credo Technology Group’s revenue was down 2.2% compared to the same quarter last year. Equities research analysts predict that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Ulland Investment Advisors LLC bought a new stake in Credo Technology Group during the first quarter worth $29,000. Asset Management One Co. Ltd. acquired a new stake in Credo Technology Group in the third quarter valued at about $95,000. Banque Cantonale Vaudoise bought a new position in Credo Technology Group in the first quarter valued at about $97,000. Assetmark Inc. raised its stake in Credo Technology Group by 30.1% during the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after acquiring an additional 1,263 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Credo Technology Group in the third quarter worth about $166,000. Institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. TD Cowen raised their price target on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. Craig Hallum lifted their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, April 15th. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Mizuho reaffirmed a “buy” rating and issued a $30.00 target price (up previously from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. Finally, Needham & Company LLC raised their price target on Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.25.

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.