Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan Sells 150,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total value of $10,903,500.00. Following the transaction, the director now directly owns 963,725 shares in the company, valued at $70,053,170.25. The trade was a 13.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Monday, January 6th, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00.
• On Thursday, December 5th, Lip Bu Tan sold 3,799 shares of Credo Technology Group stock. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27.

Credo Technology Group Stock Up 0.2 %

CRDO traded up $0.12 on Thursday, hitting $75.60. The company’s stock had a trading volume of 4,015,825 shares, compared to its average volume of 4,053,472. The company’s 50 day simple moving average is $61.66 and its 200-day simple moving average is $42.43. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $78.97. The firm has a market cap of $12.64 billion, a P/E ratio of -504.00 and a beta of 2.11.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in CRDO. Oak Ridge Investments LLC purchased a new stake in Credo Technology Group during the 4th quarter worth about $3,399,000. HB Wealth Management LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter worth about $262,000. Sara Bay Financial bought a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $320,000. SeaCrest Wealth Management LLC grew its stake in Credo Technology Group by 63.0% during the fourth quarter. SeaCrest Wealth Management LLC now owns 19,985 shares of the company’s stock valued at $1,343,000 after acquiring an additional 7,724 shares in the last quarter. Finally, Friedenthal Financial bought a new stake in Credo Technology Group during the 4th quarter worth approximately $773,000. 80.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

CRDO has been the subject of a number of recent research reports. Roth Mkm boosted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. TD Cowen upped their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Craig Hallum lifted their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Needham & Company LLC increased their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. 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 stock presently has an average rating of “Moderate Buy” and a consensus price target of $75.40.

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.