Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam Sells 5,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) COO Yat Tung Lam sold 5,000 shares of the stock in a transaction on Friday, September 8th. The stock was sold at an average price of $16.11, for a total value of $80,550.00. Following the completion of the transaction, the chief operating officer now directly owns 3,184,774 shares in the company, valued at $51,306,709.14. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Yat Tung Lam also recently made the following trade(s):

• On Tuesday, August 8th, Yat Tung Lam sold 5,000 shares of Credo Technology Group stock. The stock was sold at an average price of $15.41, for a total value of $77,050.00.
• On Friday, July 7th, Yat Tung Lam sold 5,000 shares of Credo Technology Group stock. The stock was sold at an average price of $16.40, for a total value of $82,000.00.
• On Tuesday, June 13th, Yat Tung Lam sold 651,078 shares of Credo Technology Group stock. The stock was sold at an average price of $17.60, for a total value of $11,458,972.80.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded down $0.75 during midday trading on Friday, reaching $15.84. 1,177,809 shares of the company’s stock were exchanged, compared to its average volume of 2,199,466. The stock has a market capitalization of $2.36 billion, a PE ratio of -83.37 and a beta of 2.01. Credo Technology Group Holding Ltd has a 52-week low of $7.20 and a 52-week high of $19.46. The business’s fifty day moving average price is $16.07 and its two-hundred day moving average price is $12.80.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last posted its quarterly earnings results on Thursday, August 24th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $35.10 million during the quarter, compared to the consensus estimate of $34.27 million. Credo Technology Group had a negative return on equity of 5.41% and a negative net margin of 16.30%. The company’s revenue for the quarter was down 24.5% compared to the same quarter last year. During the same period last year, the firm earned $0.01 earnings per share. Analysts predict that Credo Technology Group Holding Ltd will post -0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. acquired a new position in Credo Technology Group in the first quarter valued at approximately $332,000. JPMorgan Chase & Co. acquired a new position in Credo Technology Group in the first quarter valued at approximately $205,000. Bank of New York Mellon Corp acquired a new position in Credo Technology Group in the first quarter valued at approximately $1,748,000. BlackRock Inc. acquired a new position in Credo Technology Group in the first quarter valued at approximately $48,844,000. Finally, Vanguard Group Inc. acquired a new position in Credo Technology Group in the first quarter valued at approximately $29,191,000. 54.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Bank of America increased their target price on Credo Technology Group from $14.00 to $16.00 and gave the stock an “underperform” rating in a research report on Friday, August 25th. Mizuho raised their price objective on Credo Technology Group from $16.00 to $18.00 in a research report on Thursday, June 1st. Needham & Company LLC raised their price objective on Credo Technology Group from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, August 25th. Stifel Nicolaus raised their price objective on Credo Technology Group from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, July 20th. Finally, TheStreet raised Credo Technology Group from a “d+” rating to a “c-” rating in a research report on Wednesday, June 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $15.30.

Read Our Latest Research Report on CRDO

Credo Technology Group Company Profile

(Get Free Report)

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.

Further Reading

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Before you consider Credo Technology Group, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Credo Technology Group wasn’t on the list.

While Credo Technology Group currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Wondering when you’ll finally be able to invest in SpaceX, StarLink or The Boring Company? Click the link below to learn when Elon Musk will let these companies finally IPO.

Get This Free Report