Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO Sells 15,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO William Joseph Brennan sold 15,000 shares of the stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $19.16, for a total value of $287,400.00. Following the sale, the chief executive officer now directly owns 2,992,500 shares in the company, valued at $57,336,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

William Joseph Brennan also recently made the following trade(s):

• On Thursday, April 4th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $22.31, for a total value of $334,650.00.
• On Wednesday, March 27th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.58, for a total value of $323,700.00.
• On Wednesday, March 13th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.55, for a total value of $308,250.00.
• On Thursday, February 15th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $22.39, for a total value of $335,850.00.
• On Thursday, February 1st, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.44, for a total value of $306,600.00.
• On Tuesday, January 30th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.05, for a total value of $315,750.00.

Credo Technology Group Stock Down 3.2 %

CRDO opened at $17.99 on Friday. The business has a fifty day moving average of $21.46 and a 200 day moving average of $19.18. Credo Technology Group Holding Ltd has a 52-week low of $7.20 and a 52-week high of $23.90. The stock has a market cap of $2.94 billion, a P/E ratio of -78.22 and a beta of 1.97.

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

Analyst Ratings Changes

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

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Verition Fund Management LLC raised its position in Credo Technology Group by 6.5% during the 4th quarter. Verition Fund Management LLC now owns 13,680 shares of the company’s stock valued at $182,000 after purchasing an additional 836 shares in the last quarter. Assetmark Inc. raised its position in shares of Credo Technology Group by 30.1% in the 4th 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. Advisors Asset Management Inc. raised its position in shares of Credo Technology Group by 295.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after acquiring an additional 1,376 shares in the last quarter. Rhumbline Advisers raised its position in shares of Credo Technology Group by 1.1% in the 3rd quarter. Rhumbline Advisers now owns 130,026 shares of the company’s stock worth $1,983,000 after acquiring an additional 1,397 shares in the last quarter. Finally, Amalgamated Bank raised its position in shares of Credo Technology Group by 9.7% in the 4th quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after acquiring an additional 1,454 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Company Profile

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.