Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $2,737,350.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the transaction, the chief technology officer now owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. This trade represents a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00.
• On Monday, January 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $57.87, for a total value of $3,182,850.00.
• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.57, for a total transaction of $4,834,200.00.
• On Tuesday, January 14th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.57, for a total transaction of $4,174,200.00.
• On Wednesday, January 8th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $72.09, for a total transaction of $4,325,400.00.
• On Thursday, January 2nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $69.22, for a total value of $4,153,200.00.

Credo Technology Group Stock Down 8.6 %

Shares of NASDAQ:CRDO traded down $4.23 during trading on Wednesday, hitting $44.95. The stock had a trading volume of 4,789,888 shares, compared to its average volume of 3,225,395. The company has a market capitalization of $7.63 billion, a PE ratio of -299.67 and a beta of 2.16. The firm’s fifty day moving average is $62.64 and its 200 day moving average is $53.56. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Stifel Nicolaus increased their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Mizuho boosted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Bank of America dropped their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $74.90.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Fire Capital Management LLC bought a new stake in Credo Technology Group during the fourth quarter worth about $569,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $7,799,000. B. Riley Wealth Advisors Inc. bought a new position in Credo Technology Group during the 4th quarter valued at approximately $498,000. Mackenzie Financial Corp raised its stake in Credo Technology Group by 395.3% during the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company’s stock valued at $2,564,000 after buying an additional 30,443 shares during the last quarter. Finally, Forum Financial Management LP bought a new stake in Credo Technology Group in the fourth quarter worth $253,000. Institutional investors own 80.46% of the company’s stock.

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.