Concentric Capital Strategies LP Takes $1.41 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Concentric Capital Strategies LP purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 45,786 shares of the company’s stock, valued at approximately $1,410,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CRDO. Assetmark Inc. boosted its holdings in Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after acquiring an additional 257 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares during the last quarter. Advisors Asset Management Inc. grew its position in Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after purchasing an additional 478 shares in the last quarter. CWM LLC increased its stake in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares during the last quarter. Finally, US Bancorp DE lifted its position in shares of Credo Technology Group by 4.2% during the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after buying an additional 649 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Down 2.4 %

Shares of NASDAQ:CRDO opened at $47.80 on Tuesday. The firm has a market capitalization of $7.94 billion, a PE ratio of -298.75 and a beta of 2.19. The company has a 50-day moving average price of $39.60 and a two-hundred day moving average price of $32.37. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $51.40.

Credo Technology Group (NASDAQ:CRDO) last released 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 business had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. Analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $38.41, for a total value of $384,100.00. Following the sale, the chief operating officer now directly owns 2,872,672 shares of the company’s stock, valued at approximately $110,339,331.52. This represents a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the transaction, the chief technology officer now directly owns 8,728,602 shares of the company’s stock, valued at approximately $413,473,876.74. This represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,269,817 shares of company stock valued at $41,789,636 over the last three months. Company insiders own 16.04% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. 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. Barclays upped their price objective on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Bank of America lifted their target price on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. Mizuho increased their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Finally, Craig Hallum lifted their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.56.

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.