Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells 1,875 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Pantas Sutardja also recently made the following trade(s):

• On Friday, December 20th, Pantas Sutardja sold 21,041 shares of Credo Technology Group stock. The stock was sold at an average price of $68.19, for a total transaction of $1,434,785.79.

Credo Technology Group Stock Up 6.2 %

Credo Technology Group stock traded up $4.44 during midday trading on Tuesday, reaching $76.25. The stock had a trading volume of 4,988,705 shares, compared to its average volume of 5,697,168. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The company has a fifty day moving average of $68.45 and a 200 day moving average of $46.00. The firm has a market cap of $12.75 billion, a price-to-earnings ratio of -508.33 and a beta of 2.09.

Analyst Ratings Changes

CRDO has been the subject of several research reports. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Craig Hallum increased their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Mizuho lifted their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Needham & Company LLC upped their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of the business. Los Angeles Capital Management LLC increased its stake in Credo Technology Group by 20.3% in the fourth quarter. Los Angeles Capital Management LLC now owns 22,061 shares of the company’s stock worth $1,483,000 after purchasing an additional 3,725 shares during the period. Amalgamated Bank increased its stake in Credo Technology Group by 9.4% in the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after buying an additional 411 shares during the period. Bank of New York Mellon Corp lifted its holdings in Credo Technology Group by 7.0% during the 4th quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company’s stock valued at $37,798,000 after buying an additional 36,949 shares in the last quarter. Valliance Asset Management Ltd purchased a new stake in Credo Technology Group in the 4th quarter valued at about $5,041,000. Finally, Thompson Davis & CO. Inc. bought a new position in Credo Technology Group in the 4th quarter worth about $343,000. Hedge funds and other 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.