Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $11,413,500.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the sale, the director now directly owns 1,113,725 shares in the company, valued at $84,743,335.25. The trade was a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Lip Bu Tan also recently made the following trade(s):

• On Thursday, December 5th, Lip Bu Tan sold 3,799 shares of Credo Technology Group stock. The shares were sold at an average price of $70.73, for a total value of $268,703.27.
• On Monday, October 14th, Lip Bu Tan sold 15,281 shares of Credo Technology Group stock. The shares were sold at an average price of $39.05, for a total transaction of $596,723.05.
• On Friday, October 11th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.16, for a total transaction of $3,816,000.00.

Credo Technology Group Trading Down 3.0 %

Credo Technology Group stock opened at $73.02 on Thursday. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $78.97. The company’s 50-day moving average is $57.88 and its two-hundred day moving average is $40.73. The company has a market cap of $12.21 billion, a PE ratio of -486.80 and a beta of 2.11.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. raised its position in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the period. Driehaus Capital Management LLC boosted its stake in Credo Technology Group by 3.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after acquiring an additional 115,271 shares during the last quarter. Swedbank AB grew its holdings in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after purchasing an additional 2,961,454 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after purchasing an additional 170,412 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRDO. Susquehanna began coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price objective for the company. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Barclays boosted their price objective on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus raised their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday. Finally, TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $69.10.

Credo Technology Group Company Profile

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.