In a recent move, Credo Technology Group Holding Ltd (NASDAQ:) Chief Operating Officer Lam Yat Tung sold a significant portion of his holdings in the company. The transaction, which took place on April 11, 2024, sold a total of more than $1.9 million in company stock.
Lam made multiple transactions and sold shares at various prices. The sale was carried out in multiple transactions, with prices ranging from $20.81 to $23.04. The reported price reflects the weighted average sale price of shares disposed of on that date. As a result of these transactions, Mr. Lam’s direct ownership in the Company was adjusted to reflect his current shareholdings.
The sale was conducted pursuant to a pre-arranged transaction plan known as a Rule 10b5-1 transaction plan adopted by Secretary Lam on July 13, 2023. These plans allow company insiders to sell a predetermined number of shares at a predetermined time. , provides an affirmative defense against charges of trading inside information.
The largest single transaction was the sale of 78,127 shares of common stock at an average price of $22.7157, contributing significantly to the total amount of shares sold. In addition to these direct holdings, Mr. Lam also reported indirect ownership through Chung BVI Co Ltd, but disclaimed any beneficial ownership of these shares except to the extent of financial interest.
Investors and supporters of Credo Technology Group Holding Ltd will continue to monitor insider transactions as they can provide valuable insight into the company’s performance and management’s confidence in the company’s future prospects. Masu.
Investment Pro Insights
As investors digest the news of Lam Yatton’s recent sale of Credo Technology Group Holding Ltd (CRDO) shares, it is essential to consider the company’s financial health and market performance. According to data from InvestingPro, Credo Technology Group Holding Ltd has a market capitalization of approximately US$3.5 billion. Despite the difficult market environment, the company has shown an amazing one-year price total return of 145.22%, indicating strong performance over the past year.
One of InvestingPro’s notable takeaways for Credo Technology Group Holding Ltd is that the company has more cash than debt on its balance sheet, which is a positive sign of financial stability. is. Additionally, analysts predict that the company will be profitable this year, which could reassure investors about the company’s future earnings prospects.
However, it is important to note that the company’s P/E ratio is -99.32, reflecting market skepticism about the company’s current earnings and high expectations for future growth. The company also has a price-to-book ratio of 6.67, which may suggest that the stock is trading at a premium compared to its book value.
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