SG Americas Securities LLC purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ: CRDO – Get Rating) in the third quarter, according to the latest Form 13F filed with the Securities and Exchange Commission (SEC). The company purchased 20,895 shares of the company stock worth approximately $230,000.
Many other hedge funds have also changed their CRDO positions. Capital Research Global Investors bought a new position in Credo Technology Group for $125.306 million in the first quarter. BlackRock Inc. purchased a new position in Credo Technology Group for $48,844,000 in the first quarter. Vanguard Group Inc. purchased a new position in Credo Technology Group for $29,191,000 in the first quarter. Point72 Asset Management LP increased its shares in Credo Technology Group by 169.0% in the second quarter. Point72 Asset Management LP now owns 1,801,968 shares of the company worth $21,047,000 after he purchased an additional 1,131,968 shares during the previous quarter. Finally, Polar Asset Management Partners Inc. purchased a new position in Credo Technology Group for $10,154,000 in the first quarter. Institutional investors and hedge funds own his 40.46% of the company’s shares.
Analyst upgrades and downgrades
Separately, Needham & Company LLC raised its price target on Credo Technology Group from $15.00 to $18.00 and gave it a ‘buy’ rating in its research notes on Thursday, December 1. Eight analysts rate the stock with a buy rating, according to MarketBeat, and the stock has a buy consensus rating and an average price target of $19.38.
Insider activity at Credo Technology Group
In related news, COO Yat Tung Lam sold 5,000 shares of Credo Technology Group in a transaction on Thursday, December 8th. The shares sold for an average of $15.02, and the total transaction value he had was $75,100.00. After the sale, the Chief Operating Officer now directly owns 3,330,119 shares of the company’s stock valued at $50,018,387.38. The sale is disclosed in documents filed with the SEC and available on his website. In related news, Lip Bu, his Tan director, sold 107,692 shares of Credo Technology Group in a transaction on Monday, Dec. 5. The shares sold for an average of $15.02, and the total trading value he had was $1,617,533.84. After the transaction, the directors now own directly 2,236,029 shares of the Company stock valued at $33,585,155.58. The transaction was disclosed in his SEC filings available at this hyperlink. COO Yat Tung Lam also sold 5,000 shares of his Credo Technology Group in a deal on Thursday, December 8th. The shares sold for a total of $75,100.00 at an average price of $15.02. After the transaction, the Chief Operating Officer now directly owns 3,330,119 shares of the company, valued at $50,018,387.38. Please see here for the disclosure of this sale. The insider said that in the past 90 days he has sold 855,143 shares of company stock worth $12,308,258. 34.20% of the shares are currently owned by corporate insiders.
Stock Performance of Credo Technology Group
CRDO shares Wednesday opened at $17.33. The stock has a market capitalization of $2.54 billion and a price-to-earnings ratio of -288.83. Credo Technology Group Holding Ltd hit a one-year low of $8.61 and a one-year high of $18.00. The stock has a 50-day moving average of $14.36 and a 200-day moving average of $13.61.
Credo Technology Group (NASDAQ:CRDO – Get Rating) last announced quarterly earnings data on Wednesday, November 30. The company reported earnings of $0.02 a share for him in the quarter, well below analyst consensus expectations of his $0.03 ($0.01). Credo Technology Group’s net profit margin was negative 5.34% and return on equity was positive 2.61%. The company’s revenue for the quarter was $51.37 million, compared to consensus expectations of $50.5 million. As a group, analysts expect Credo Technology Group Holding Ltd to post 0.03 EPS for the current financial year.
Credo Technology Group Company Profile
(get rating)
Credo Technology Group Holding Ltd offers a variety of 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 based on serializer/deserializer and digital signal processor technology.
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