Algert Global LLC Increases Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Algert Global LLC lifted its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 576.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 131,667 shares of the company's stock after acquiring an additional 112,206 shares during the period. Algert Global LLC owned approximately 0.08% of Credo Technology Group worth $4,055,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP increased its position in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company's stock worth $26,000 after buying an additional 771 shares during the period. Arcadia Investment Management Corp MI bought a new position in shares of Credo Technology Group in the second quarter valued at $29,000. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group in the third quarter valued at $30,000. Fifth Third Bancorp lifted its stake in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock valued at $34,000 after buying an additional 400 shares in the last quarter. Finally, CWM LLC lifted its stake in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company's stock valued at $43,000 after buying an additional 594 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of the business's stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the transaction, the director now directly owns 2,638,725 shares in the company, valued at $80,481,112.50. The trade was a 5.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the business'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 transaction of $276,900.00. Following the completion of the transaction, the chief operating officer now owns 2,885,840 shares of the company's stock, valued at approximately $79,908,909.60. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,324,817 shares of company stock worth $43,552,936. 16.04% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Barclays raised their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an "overweight" rating in a research report on Thursday, September 5th. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, September 6th. Bank of America raised their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an "underperform" rating in a research report on Thursday, September 5th. Craig Hallum raised their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a "buy" rating in a research report on Thursday, September 5th. Finally, Roth Mkm raised their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. 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 stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.56.

Credo Technology Group Stock Performance

Credo Technology Group stock traded up $1.23 during mid-day trading on Tuesday, hitting $47.07. 3,023,515 shares of the company traded hands, compared to its average volume of 2,257,754. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $48.94. The stock has a market cap of $7.82 billion, a price-to-earnings ratio of -294.19 and a beta of 2.19. The stock has a fifty day moving average price of $37.75 and a 200-day moving average price of $31.35.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its 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 company had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Sell-side analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current 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.