Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 40,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating) CTO Chi Fung Cheng sold 40,000 shares of the stock in a transaction dated Thursday, January 12th. The shares were sold at an average price of $13.80, for a total transaction of $552,000.00. Following the transaction, the chief technology officer now directly owns 760,000 shares of the company’s stock, valued at approximately $10,488,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• On Tuesday, January 17th, Chi Fung Cheng sold 39,200 shares of Credo Technology Group stock. The shares were sold at an average price of $15.00, for a total transaction of $588,000.00.
• On Thursday, January 5th, Chi Fung Cheng sold 40,000 shares of Credo Technology Group stock. The shares were sold at an average price of $12.31, for a total transaction of $492,400.00.
• On Thursday, December 22nd, Chi Fung Cheng sold 40,000 shares of Credo Technology Group stock. The shares were sold at an average price of $13.06, for a total transaction of $522,400.00.
• On Thursday, December 8th, Chi Fung Cheng sold 40,000 shares of Credo Technology Group stock. The shares were sold at an average price of $15.04, for a total transaction of $601,600.00.
• On Monday, November 28th, Chi Fung Cheng sold 27,216 shares of Credo Technology Group stock. The shares were sold at an average price of $14.06, for a total transaction of $382,656.96.
• On Monday, November 14th, Chi Fung Cheng sold 40,000 shares of Credo Technology Group stock. The shares were sold at an average price of $14.61, for a total transaction of $584,400.00.
• On Monday, November 7th, Chi Fung Cheng sold 40,000 shares of Credo Technology Group stock. The shares were sold at an average price of $13.49, for a total transaction of $539,600.00.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $15.00 on Wednesday. The firm has a market cap of $2.20 billion and a PE ratio of -250.00. The firm’s 50 day simple moving average is $13.97 and its 200-day simple moving average is $13.25. Credo Technology Group Holding Ltd has a one year low of $8.61 and a one year high of $18.00.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last issued its earnings results on Wednesday, November 30th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). The company had revenue of $51.37 million for the quarter, compared to analysts’ expectations of $50.50 million. Credo Technology Group had a positive return on equity of 2.61% and a negative net margin of 5.34%. Equities research analysts predict that Credo Technology Group Holding Ltd will post 0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada purchased a new position in shares of Credo Technology Group during the first quarter worth approximately $26,000. Ameritas Investment Partners Inc. bought a new position in shares of Credo Technology Group during the first quarter valued at approximately $26,000. IFP Advisors Inc bought a new position in shares of Credo Technology Group during the third quarter valued at approximately $27,000. UBS Group AG bought a new position in shares of Credo Technology Group during the first quarter valued at approximately $69,000. Finally, Focused Wealth Management Inc bought a new position in shares of Credo Technology Group during the third quarter valued at approximately $53,000. 40.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC increased their price objective on shares of Credo Technology Group from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, December 1st. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $19.38.

Credo Technology Group Company Profile

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Credo 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 integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.