Wesbanco Bank Inc. Purchases Shares of 15,535 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Wesbanco Bank Inc. purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 15,535 shares of the company's stock, valued at approximately $478,000.

Other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP bought a new stake in Credo Technology Group in the 4th quarter valued at about $35,224,000. Vanguard Group Inc. grew its position in Credo Technology Group by 11.3% during the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company's stock worth $272,414,000 after buying an additional 1,420,664 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in Credo Technology Group during the 1st quarter worth $97,000. Counterpoint Mutual Funds LLC bought a new position in Credo Technology Group during the 1st quarter worth $276,000. Finally, AMF Tjanstepension AB raised its holdings in Credo Technology Group by 31.8% in the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company's stock valued at $36,302,000 after acquiring an additional 413,149 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded up $0.62 during mid-day trading on Thursday, hitting $37.61. 2,256,406 shares of the stock traded hands, compared to its average volume of 2,237,234. The company has a market cap of $6.21 billion, a PE ratio of -205.50 and a beta of 2.24. Credo Technology Group Holding Ltd has a twelve month low of $13.38 and a twelve month high of $40.37. The firm has a 50 day simple moving average of $31.26 and a two-hundred day simple moving average of $26.78.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly 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 firm had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the sale, the chief executive officer now owns 2,529,738 shares of the company's stock, valued at approximately $65,140,753.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the company's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the sale, the chief executive officer now owns 2,529,738 shares of the company's stock, valued at approximately $65,140,753.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $26.85, for a total value of $1,476,750.00. Following the sale, the chief technology officer now owns 9,278,602 shares in the company, valued at approximately $249,130,463.70. The trade was 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 valued at $45,366,886. 23.89% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CRDO. Roth Mkm raised their price target on Credo Technology Group from $30.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, September 5th. Bank of America raised their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an "underperform" rating in a report on Thursday, September 5th. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a "buy" rating in a report on Friday, September 6th. Mizuho lifted their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday. Finally, Stifel Nicolaus upped their target price on Credo Technology Group from $40.00 to $42.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of "Moderate Buy" and an average target price of $35.44.

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.