Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO Sells 15,000 Shares of Stock
Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Rating) CEO William Joseph Brennan sold 15,000 shares of the firm's stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $14.93, for a total value of $223,950.00. Following the completion of the transaction, the chief executive officer now directly owns 4,245,000 shares of the company's stock, valued at $63,377,850. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Credo Technology Group Stock Up 3.7 %
→ Market Wizard’s #1 Strategy for 2023 – Get Early Access Now (From Legacy Research)
Shares of CRDO stock traded up $0.54 on Friday, reaching $15.00. The company's stock had a trading volume of 1,334,181 shares, compared to its average volume of 1,087,014. Credo Technology Group Holding Ltd has a 12-month low of $8.61 and a 12-month high of $18.00. The company has a market capitalization of $2.20 billion and a P/E ratio of -250.00. The stock's 50 day simple moving average is $14.00 and its 200-day simple moving average is $13.30.
Credo Technology Group (NASDAQ:CRDO - Get Rating) last issued its quarterly earnings data on Wednesday, November 30th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.01). Credo Technology Group had a positive return on equity of 2.61% and a negative net margin of 5.34%. The business had revenue of $51.37 million during the quarter, compared to analysts' expectations of $50.50 million. Research analysts expect that Credo Technology Group Holding Ltd will post 0.03 EPS for the current year.
Institutional Investors Weigh In On Credo Technology Group
A number of institutional investors and hedge funds have recently made changes to their positions in CRDO. Royal Bank of Canada purchased a new stake in shares of Credo Technology Group in the first quarter worth $26,000. Ameritas Investment Partners Inc. purchased a new stake in Credo Technology Group during the first quarter valued at about $26,000. IFP Advisors Inc purchased a new stake in Credo Technology Group during the third quarter valued at about $27,000. Focused Wealth Management Inc purchased a new stake in Credo Technology Group during the third quarter valued at about $53,000. Finally, UBS Group AG purchased a new stake in Credo Technology Group during the first quarter valued at about $69,000. Hedge funds and other institutional investors own 40.46% of the company's stock.
Analysts Set New Price Targets
Separately, Needham & Company LLC raised their price target on Credo Technology Group from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, December 1st. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $19.38.
Credo Technology Group Company Profile
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.
Read More
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 "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
Gloss