Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $68,325.00 in Stock
Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) Director Pantas Sutardja sold 3,750 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $18.22, for a total value of $68,325.00. Following the transaction, the director now directly owns 5,903,619 shares of the company’s stock, valued at $107,563,938.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Credo Technology Group Trading Down 3.2 %
Shares of NASDAQ CRDO traded down $0.61 during midday trading on Tuesday, hitting $18.58. The company’s stock had a trading volume of 1,055,792 shares, compared to its average volume of 2,044,570. The business’s 50 day moving average is $16.14 and its two-hundred day moving average is $15.94. Credo Technology Group Holding Ltd has a 12-month low of $7.20 and a 12-month high of $19.46. The firm has a market cap of $2.80 billion, a P/E ratio of -88.48 and a beta of 2.09.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its quarterly earnings results on Wednesday, November 29th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.05. Credo Technology Group had a negative return on equity of 7.98% and a negative net margin of 19.00%. The firm had revenue of $44.04 million for the quarter, compared to the consensus estimate of $42.66 million. During the same period in the prior year, the business posted $0.02 earnings per share. The company’s revenue for the quarter was down 14.3% on a year-over-year basis. On average, analysts predict that Credo Technology Group Holding Ltd will post -0.15 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on CRDO. Craig Hallum increased their price target on Credo Technology Group from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, October 9th. TD Cowen increased their price target on Credo Technology Group from $16.00 to $20.00 and gave the company a “market perform” rating in a research note on Thursday, November 30th. Stifel Nicolaus increased their price target on Credo Technology Group from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, November 30th. Bank of America increased their price target on Credo Technology Group from $14.00 to $16.00 and gave the company an “underperform” rating in a research note on Friday, August 25th. Finally, TheStreet raised Credo Technology Group from a “d+” rating to a “c-” rating in a research note on Wednesday, November 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.92.
View Our Latest Research Report on CRDO
Institutional Investors Weigh In On Credo Technology Group
Several hedge funds and other institutional investors have recently modified their holdings of the business. Verition Fund Management LLC raised its holdings in shares of Credo Technology Group by 6.5% in the fourth quarter. Verition Fund Management LLC now owns 13,680 shares of the company’s stock worth $182,000 after buying an additional 836 shares during the period. Harvest Fund Management Co. Ltd increased its holdings in Credo Technology Group by 33.3% during the 2nd quarter. Harvest Fund Management Co. Ltd now owns 3,600 shares of the company’s stock worth $62,000 after purchasing an additional 900 shares during the period. ProShare Advisors LLC increased its holdings in Credo Technology Group by 10.4% during the 2nd quarter. ProShare Advisors LLC now owns 12,696 shares of the company’s stock worth $220,000 after purchasing an additional 1,197 shares during the period. Advisors Asset Management Inc. increased its holdings in Credo Technology Group by 295.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after purchasing an additional 1,376 shares during the period. Finally, Rhumbline Advisers increased its holdings in Credo Technology Group by 1.1% during the 3rd quarter. Rhumbline Advisers now owns 130,026 shares of the company’s stock worth $1,983,000 after purchasing an additional 1,397 shares during the period. 54.44% of the stock is currently owned by hedge funds and other institutional investors.
About Credo Technology Group (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.
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