Yat Tung Lam Sells 10,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $27.67, for a total transaction of $276,700.00. Following the sale, the chief operating officer now directly owns 2,807,777 shares in the company, valued at $77,691,189.59. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Thursday, July 11th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The shares were sold at an average price of $30.62, for a total value of $306,200.00.
• On Tuesday, June 11th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The stock was sold at an average price of $28.21, for a total value of $282,100.00.

Credo Technology Group Trading Up 3.9 %

Shares of NASDAQ:CRDO opened at $28.67 on Wednesday. The stock has a market capitalization of $4.74 billion, a PE ratio of -159.28 and a beta of 2.23. Credo Technology Group Holding Ltd has a 1 year low of $13.38 and a 1 year high of $33.96. The firm has a fifty day moving average price of $28.93 and a 200 day moving average price of $23.48.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results 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 company had revenue of $60.78 million for the quarter, compared to the consensus estimate of $60.50 million. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Bank of America reiterated an “underperform” rating and issued a $22.00 target price (up previously from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Barclays boosted their price target on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. TD Cowen upped their price target on shares of Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Finally, Needham & Company LLC lifted their price objective on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.38.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in the stock. Carnegie Capital Asset Management LLC lifted its stake in shares of Credo Technology Group by 19.4% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock worth $5,714,000 after buying an additional 47,650 shares during the last quarter. AMF Tjanstepension AB grew its position in shares of Credo Technology Group by 31.8% in the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after purchasing an additional 413,149 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Credo Technology Group by 13.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock worth $18,658,000 after purchasing an additional 111,957 shares during the period. Thornburg Investment Management Inc. lifted its position in shares of Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock worth $5,029,000 after purchasing an additional 64,177 shares during the last quarter. Finally, Capstone Investment Advisors LLC bought a new stake in Credo Technology Group during the 1st quarter valued at approximately $2,732,000. Institutional investors own 80.46% of the company’s stock.

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.