Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the sale, the chief technology officer now owns 8,508,602 shares in the company, valued at $578,925,280.08. The trade was a 0.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, December 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00.
• On Friday, November 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00.
• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00.
• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.41, for a total value of $2,112,550.00.
• On Thursday, October 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.07, for a total value of $1,708,850.00.

Credo Technology Group Trading Up 1.1 %

CRDO stock traded up $0.80 during midday trading on Thursday, hitting $72.02. The stock had a trading volume of 2,567,592 shares, compared to its average volume of 2,484,870. The firm has a market cap of $12.04 billion, a P/E ratio of -480.13 and a beta of 2.26. The business has a fifty day moving average price of $52.13 and a two-hundred day moving average price of $37.97. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $78.97.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its stake in Credo Technology Group by 62.7% during the second quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company’s stock worth $20,913,000 after acquiring an additional 252,349 shares in the last quarter. Panagora Asset Management Inc. grew its stake in shares of Credo Technology Group by 12.0% in the 2nd quarter. Panagora Asset Management Inc. now owns 597,793 shares of the company’s stock valued at $19,094,000 after buying an additional 63,875 shares during the period. F M Investments LLC bought a new stake in Credo Technology Group in the 2nd quarter valued at about $638,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in Credo Technology Group during the 2nd quarter worth approximately $444,000. Finally, nVerses Capital LLC boosted its holdings in Credo Technology Group by 2,633.3% in the second quarter. nVerses Capital LLC now owns 8,200 shares of the company’s stock worth $262,000 after acquiring an additional 7,900 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 price objective (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Roth Mkm increased their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Craig Hallum upped their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their price target on Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.60.

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.