Concentric Capital Strategies LP Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Concentric Capital Strategies LP acquired a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 45,786 shares of the company’s stock, valued at approximately $1,410,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRDO. Assetmark Inc. boosted its stake in shares of Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after purchasing an additional 257 shares in the last quarter. Fifth Third Bancorp raised its holdings in 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 buying an additional 400 shares during the last quarter. Advisors Asset Management Inc. boosted its position in Credo Technology Group by 11.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after buying an additional 478 shares during the period. CWM LLC grew its holdings in Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the last quarter. Finally, US Bancorp DE increased its position in Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after acquiring an additional 649 shares during the period. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $47.80 on Tuesday. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $51.40. The business has a 50 day simple moving average of $39.60 and a 200 day simple moving average of $32.37. The stock has a market capitalization of $7.94 billion, a P/E ratio of -298.75 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data 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 return on equity of 3.74% and a negative net margin of 12.05%. The company had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Equities analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CRDO shares. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Mizuho lifted their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Bank of America increased their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Stifel Nicolaus raised their price objective on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Needham & Company LLC upped their target price on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $36.56.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $27.69, for a total value of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares of the company’s stock, valued at approximately $79,908,909.60. This trade represents a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at $65,140,753.50. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,269,817 shares of company stock valued at $41,789,636. Corporate insiders own 16.04% of the company’s stock.

About Credo Technology Group

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.