Centiva Capital LP Buys Shares of 17,950 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Centiva Capital LP purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 17,950 shares of the company's stock, valued at approximately $553,000.

Other hedge funds have also recently modified their holdings of the company. Concentric Capital Strategies LP bought a new position in Credo Technology Group in the third quarter valued at about $1,410,000. Paloma Partners Management Co bought a new stake in Credo Technology Group during the 3rd quarter valued at approximately $1,595,000. Point72 Hong Kong Ltd purchased a new position in Credo Technology Group in the 3rd quarter worth approximately $3,948,000. Circle Wealth Management LLC boosted its stake in Credo Technology Group by 84.6% in the 3rd quarter. Circle Wealth Management LLC now owns 51,064 shares of the company's stock worth $1,572,000 after purchasing an additional 23,397 shares during the period. Finally, PDT Partners LLC raised its position in shares of Credo Technology Group by 0.7% during the third quarter. PDT Partners LLC now owns 88,720 shares of the company's stock valued at $2,733,000 after buying an additional 652 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRDO. Roth Mkm raised 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 note on Tuesday, October 22nd. Barclays lifted their target price on Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a report on Tuesday, December 3rd. Stifel Nicolaus reissued a "buy" rating and set a $75.00 price target (up from $50.00) on shares of Credo Technology Group in a research note on Tuesday, December 3rd. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Finally, TD Cowen increased their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Credo Technology Group currently has an average rating of "Buy" and a consensus price target of $67.33.

Credo Technology Group Stock Performance

NASDAQ CRDO traded up $3.83 on Friday, reaching $74.23. 4,595,392 shares of the stock traded hands, compared to its average volume of 3,705,549. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $75.32. The company has a fifty day moving average price of $42.84 and a 200-day moving average price of $33.83. The company has a market cap of $12.41 billion, a price-to-earnings ratio of -494.87 and a beta of 2.26.

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

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 12,504 shares of Credo Technology Group stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.48, for a total transaction of $606,193.92. Following the completion of the sale, the chief financial officer now owns 656,456 shares of the company's stock, valued at $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the transaction, the chief technology officer now directly owns 8,618,602 shares of the company's stock, valued at $418,605,499.14. This represents a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,193,441 shares of company stock worth $41,362,270 in the last three months. Corporate insiders own 16.04% of the company's stock.

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.