Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Acquired by Point72 Asset Management L.P.

Point72 Asset Management L.P. increased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 73.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,916,447 shares of the company’s stock after purchasing an additional 1,660,230 shares during the quarter. Point72 Asset Management L.P.’s holdings in Credo Technology Group were worth $120,627,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Allworth Financial LP boosted its stake in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Credo Technology Group during the second quarter worth about $29,000. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $30,000. Fifth Third Bancorp boosted its position in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. grew its stake in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 47.9 %

Credo Technology Group stock opened at $70.69 on Wednesday. The firm’s 50-day simple moving average is $40.42 and its 200 day simple moving average is $32.73. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $72.30. The firm has a market capitalization of $11.74 billion, a PE ratio of -471.27 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. The business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. On average, research analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 12,504 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the transaction, the chief financial officer now owns 656,456 shares of the company’s stock, valued at $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the completion of the sale, the chief technology officer now directly owns 8,618,602 shares of the company’s stock, valued at $418,605,499.14. The trade was a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,337,321 shares of company stock valued at $45,067,180. 16.04% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Mizuho lifted their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research note on Tuesday. Roth Mkm boosted their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, The Goldman Sachs Group increased their price objective on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $63.56.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.