Point72 DIFC Ltd Buys New Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Point72 DIFC Ltd bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 18,139 shares of the company's stock, valued at approximately $559,000.

Other hedge funds have also bought and sold shares of the company. Allworth Financial LP lifted its holdings in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company's stock worth $26,000 after buying an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in Credo Technology Group in the 2nd quarter valued at $29,000. Rakuten Securities Inc. bought a new position in Credo Technology Group in the 3rd quarter valued at $30,000. Fifth Third Bancorp grew its position in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock worth $35,000 after purchasing an additional 1,001 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

Shares of CRDO stock traded up $3.83 on Friday, hitting $74.23. 4,595,392 shares of the company's stock traded hands, compared to its average volume of 3,705,549. The company's fifty day simple moving average is $42.84 and its 200 day simple moving average is $33.63. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $75.32.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The company had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Research analysts predict that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $29.67, for a total value of $1,631,850.00. Following the sale, the chief technology officer now owns 9,003,602 shares in the company, valued at approximately $267,136,871.34. This trade represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the business's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following 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 represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,193,441 shares of company stock worth $41,362,270. Insiders own 16.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRDO. Mizuho upped their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday. Roth Mkm lifted their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $31.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Bank of America upgraded shares of Credo Technology Group from an "underperform" rating to a "buy" rating and raised their price objective for the company from $27.00 to $80.00 in a research report on Tuesday. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Credo Technology Group presently has an average rating of "Buy" and an average price target of $67.33.

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.