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Credo Technology Group Holding Ltd (NASDAQ:) CEO William Joseph Brennan has sold more than $600,000 worth of company stock, according to a recent filing. The transaction took place on March 13 and 14 and involved the sale of 30,000 shares of common stock at prices ranging from $19.72 to $20.5525.
The sale was conducted pursuant to a Rule 10b5-1 trading plan adopted by Mr. Brennan on March 9, 2023. This type of planning allows company insiders to schedule in advance to buy and sell stock when they do not own the stock. Remove sensitive non-public information to avoid accusations of insider trading.
On the first day, Mr. Brennan sold 15,000 shares at a weighted average price of $20.5525, with individual trades ranging from $20.34 to $20.78. The next day, an additional 15,000 shares were sold at a weighted average price of $19.72, with prices ranging from $19.52 to $20.2. Total sales amounted to approximately $604,087.
Following these transactions, Brennan's direct and indirect ownership through the Brennan Family Trust totaled 3,067,500 shares. Please note that Brennan disclaims any beneficial ownership of these shares, except to the extent of any financial interest.
Investors often monitor insider sales as they can glean management's perspective on a company's current valuation and future prospects. However, it is not uncommon for executives to sell stock for personal financial planning purposes, regardless of the company's financial outlook.
Credo Technology Group Holding Ltd, a listed company in the semiconductor and related devices industry, continues to operate within these transactions. The company's stock price performance and further insider trading activity are closely monitored by market participants as an indication of the company's health and trajectory.
Investment Pro Insights
Amid news that Credo Technology Group Holding Ltd (NASDAQ:CRDO)'s CEO has sold his company's stock, several metrics from InvestingPro provide a broader picture of the company's financial health and stock price performance. Investors may be considering the company's future earnings potential, as it has a market capitalization of $3.16 Billion and a P/E ratio currently sitting at a difficult level of -99.32.
According to data from InvestingPro, the stock has experienced significant volatility, with the weekly total price return of -14.36% and the monthly price total return of -15.46%. Despite this short-term decline, the stock has recorded an impressive six-month total return of 27.21% and an impressive one-year total return of 130.67%. , reflecting a long-term positive trend.
In terms of the company's balance sheet, InvestingPro Tips highlights that Credo has more cash than debt, which could be a sign of financial stability . Additionally, analysts predict the company will be profitable this year, justifying the CEO's recent stock sale as part of his personal financial plan rather than a lack of confidence in the company's trajectory. there is a possibility.
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