Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO William Joseph Brennan has sold a total of 30,000 shares of company stock, according to the latest SEC filings. The transactions, which occurred on March 27 and March 28, resulted in a total sale value of over $640,000.
On the first day, Brennan sold 15,000 shares at a weighted average price of $21.5751, with individual sale prices ranging from $21.28 to $22.00. The following day, another batch of 15,000 shares was sold at a weighted average price of $21.2169, with the sale prices ranging from $21.03 to $21.50. These sales were executed under a pre-arranged Rule 10b5-1 trading plan, which Brennan had adopted on March 9, 2023.
After these transactions, Brennan's direct and indirect holdings through The Brennan Family Trust, dated September 6, 2002, stood at 3,037,500 shares. The filings indicate that Brennan disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.
The reported sales provide investors with insight into the executive's stock transactions, which are often closely monitored for indications of a company's financial health and management's confidence in the firm's future prospects.
InvestingPro Insights
As Credo Technology Group Holding Ltd (NASDAQ:CRDO) makes headlines with its CEO's recent stock sales, investors are keeping a close eye on the company's financial health and market performance. According to InvestingPro data, CRDO currently holds a market capitalization of $3.46 billion. Despite a challenging period, with a reported revenue decline of 13.37% in the last twelve months as of Q3 2024, the company's gross profit margin remains strong at 59.69%.
An InvestingPro Tip that stands out in the context of these executive sales is the company's cash position, which holds more cash than debt on its balance sheet. This could be a positive sign for investors looking for stability, especially considering the volatile stock price movements that CRDO has experienced. Additionally, analysts predict that CRDO will be profitable this year, which could signal a potential turnaround and provide some reassurance following the CEO's stock dispositions.
With the price per share closing previously at $21.2, the company's stock is trading at 88.66% of its 52-week high, reflecting a significant upswing in investor sentiment as evidenced by a 133.63% return over the last year. For those interested in diving deeper into CRDO's financials and stock performance, there are 11 additional InvestingPro Tips available, which can offer further insights into the company's valuation and future prospects. To access these tips, visit InvestingPro and consider using the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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