KP Management LLC Takes $2.77 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

KP Management LLC bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 90,000 shares of the company’s stock, valued at approximately $2,772,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRDO. Allworth Financial LP grew its stake in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group during the second quarter worth $29,000. Fifth Third Bancorp lifted its holdings in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares during the period. Covestor Ltd boosted its stake in shares of Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares in the last quarter. Finally, CWM LLC grew its holdings in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Bank of America lifted their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Roth Mkm raised their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC lifted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.56.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $39.38 on Monday. The stock’s fifty day moving average price is $32.68 and its two-hundred day moving average price is $27.66. The company has a market cap of $6.50 billion, a price-to-earnings ratio of -217.67 and a beta of 2.24. Credo Technology Group Holding Ltd has a 52-week low of $13.38 and a 52-week high of $40.37.

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

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the completion of the sale, the chief technology officer now owns 8,838,602 shares in the company, valued at $346,826,742.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Credo Technology Group news, Director Lip Bu Tan sold 15,281 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $39.05, for a total value of $596,723.05. Following the transaction, the director now owns 1,748,444 shares of the company’s stock, valued at approximately $68,276,738.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction 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 firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00. Following the transaction, the chief technology officer now owns 8,838,602 shares in the company, valued at approximately $346,826,742.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,444,817 shares of company stock worth $45,913,586. Company insiders own 23.89% of the company’s stock.

Credo Technology Group 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.