SG Americas Securities LLC bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating ) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 20,895 shares of the company’s stock, valued at approximately $230,000.
A number of other hedge funds have also made changes to their positions in CRDO. Capital Research Global Investors purchased a new position in Credo Technology Group during the first quarter valued at $125,306,000. BlackRock Inc. bought a new position in Credo Technology Group during the first quarter valued at $48,844,000. Vanguard Group Inc. purchased a new position in Credo Technology Group during the first quarter valued at $29,191,000. Point72 Asset Management LP boosted its stake in Credo Technology Group by 169.0% in the second quarter. Point72 Asset Management LP now owns 1,801,968 shares of the company’s stock valued at $21,047,000 after buying an additional 1,131,968 shares in the last quarter. Finally, Polar Asset Management Partners Inc. purchased a new position in Credo Technology Group during the first quarter valued at $10,154,000. Institutional investors and hedge funds own 40.46% of the company’s shares.
Promote and demote an analyst
Separately, Needham & Company LLC boosted their price objective on Credo Technology Group from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, December 1st. Eight analysts have rated the stock with a buy rating. The stock has a consensus rating of “Buy” and an average target price of $19.38, according to MarketBeat .
Internal work at Credo Technology Group
In related news, COO Yat Tung Lam sold 5,000 shares of Credo Technology Group stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $15.02, for a total transaction of $75,100.00. Following the sale, the chief operating officer now directly owns 3,330,119 shares in the company, valued at $50,018,387.38. The sale was disclosed in a document filed with the SEC, which is available on the SEC’s website. In related news, Director Lip Bu Tan sold 107,692 shares of Credo Technology Group stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $15.02, for a total transaction of $1,617,533.84. Following the transaction, the director now directly owns 2,236,029 shares of the company’s stock, valued at $33,585,155.58. The transaction was disclosed in a filing with the SEC, which is available via this hyperlink. Also, COO Yat Tung Lam sold 5,000 shares of Credo Technology Group stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $15.02, for a total value of $75,100.00. Following the transaction, the chief operating officer now directly owns 3,330,119 shares in the company, valued at $50,018,387.38. Disclosure of this sale can be found here. Insiders have sold a total of 855,143 shares of company stock valued at $12,308,258 over the last ninety days. 34.20% of shares are currently owned by corporate insiders.
Presentation of Credo Technology Group shares
Shares of CRDO stock opened at $17.33 on Wednesday. The stock has a market cap of $2.54 billion and a price-to-earnings ratio of -288.83. Credo Technology Group Holding Ltd has a 1 year low of $8.61 and a 1 year high of $18.00. The stock’s fifty day moving average is $14.36 and the two hundred day moving average is $13.61.
Credo Technology Group (NASDAQ:CRDO – Get Rating ) last posted its quarterly earnings data on Wednesday, November 30th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). Credo Technology Group had a negative net margin of 5.34% and a positive return on equity of 2.61%. The company had revenue of $51.37 million for the quarter, compared to the consensus estimate of $50.50 million. As a group, analysts forecast that Credo Technology Group Holding Ltd will post 0.03 EPS for the current fiscal year.
Credo Technology Group Company Profile
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Credo Technology Group Holding Ltd provides 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 power cables and SerDes chiplets, which are based on its serializer/deserializer and digital signal processor technologies.
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