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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $37.29, for a total value of $2,050,950.00. Following the transaction, the chief technology officer now owns 7,828,602 shares in the company, valued at approximately $291,928,568.58. This represents a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

• Credo Technology Stock is Rebounding

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

• On Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.78, for a total transaction of $2,132,900.00.
• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.96, for a total transaction of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00.
• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00.
• On Monday, January 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $57.87, for a total transaction of $3,182,850.00.
• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.57, for a total transaction of $4,834,200.00.

Credo Technology Group Stock Performance

NASDAQ CRDO traded down $1.20 during trading on Friday, reaching $36.52. 2,408,216 shares of the company's stock were exchanged, compared to its average volume of 3,502,990. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69. The stock has a market cap of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30. The company has a 50 day moving average price of $49.32 and a two-hundred day moving average price of $54.45.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CRDO shares. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Barclays increased their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Needham & Company LLC restated a "buy" rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Mizuho reduced their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Finally, Bank of America dropped their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and an average price target of $73.50.

Read Our Latest Stock Report on Credo Technology Group

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the 4th quarter valued at $38,000. WASHINGTON TRUST Co purchased a new position in shares of Credo Technology Group during the fourth quarter worth about $43,000. Principal Securities Inc. increased its position in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after purchasing an additional 576 shares in the last quarter. Quarry LP purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at about $58,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at about $61,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.

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