GSA Capital Partners LLP Purchases Shares of 21,798 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

GSA Capital Partners LLP acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 21,798 shares of the company’s stock, valued at approximately $671,000.

Other large investors have also recently made changes to their positions in the company. Thornburg Investment Management Inc. grew its holdings in Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock worth $5,029,000 after acquiring an additional 64,177 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after buying an additional 368,518 shares during the last quarter. Carnegie Investment Counsel raised its stake in Credo Technology Group by 7.3% in the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock valued at $9,610,000 after buying an additional 21,350 shares in the last quarter. Swiss National Bank lifted its holdings in Credo Technology Group by 14.7% during the 1st quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after buying an additional 32,600 shares during the last quarter. Finally, Castleark Management LLC acquired a new position in shares of Credo Technology Group during the 1st quarter worth about $3,876,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the sale, the director now directly owns 2,638,725 shares in the company, valued at approximately $80,481,112.50. The trade was a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the completion of the sale, the chief technology officer now directly owns 8,728,602 shares in the company, valued at $413,473,876.74. This trade represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,324,817 shares of company stock valued at $43,552,936. Corporate insiders own 16.04% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on CRDO shares. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Craig Hallum lifted their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Roth Mkm increased their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Bank of America boosted their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. Finally, Needham & Company LLC increased their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. One investment 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.56.

Credo Technology Group Trading Down 5.1 %

Shares of CRDO stock opened at $39.76 on Monday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $48.94. The company has a market cap of $6.60 billion, a price-to-earnings ratio of -248.50 and a beta of 2.19. The stock has a 50 day simple moving average of $35.62 and a 200-day simple moving average of $30.12.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. On average, equities analysts forecast that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

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.