SG Americas Securities LLC Lowers Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

SG Americas Securities LLC trimmed its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 83.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,901 shares of the company's stock after selling 49,849 shares during the period. SG Americas Securities LLC's holdings in Credo Technology Group were worth $305,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Arcadia Investment Management Corp MI purchased a new stake in shares of Credo Technology Group during the 2nd quarter valued at about $29,000. Fifth Third Bancorp increased its holdings in 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 buying an additional 400 shares during the last quarter. Covestor Ltd increased its holdings in Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company's stock valued at $41,000 after buying an additional 1,924 shares during the last quarter. CWM LLC raised its position in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company's stock worth $43,000 after acquiring an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC purchased a new position in shares of Credo Technology Group during the 2nd quarter worth $51,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $26.85, for a total transaction of $1,476,750.00. Following the sale, the chief technology officer now directly owns 9,278,602 shares of the company's stock, valued at $249,130,463.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $26.85, for a total value of $1,476,750.00. Following the completion of the sale, the chief technology officer now directly owns 9,278,602 shares in the company, valued at $249,130,463.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel W. Fleming sold 108,790 shares of Credo Technology Group stock in a transaction on Monday, September 30th. The stock was sold at an average price of $31.10, for a total transaction of $3,383,369.00. Following the transaction, the chief financial officer now directly owns 676,386 shares of the company's stock, valued at $21,035,604.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,389,817 shares of company stock worth $43,755,386. 23.89% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Stifel Nicolaus raised their target price on Credo Technology Group from $40.00 to $42.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Needham & Company LLC upped their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, September 5th. The Goldman Sachs Group raised their price objective 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. Mizuho upped their price objective 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. Finally, Roth Mkm lifted their target price on Credo Technology Group from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.44.

Credo Technology Group Stock Performance

NASDAQ:CRDO traded down $0.30 during trading hours on Friday, reaching $37.31. The stock had a trading volume of 1,663,739 shares, compared to its average volume of 2,234,871. The stock has a market capitalization of $6.16 billion, a PE ratio of -207.28 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. The company has a 50 day moving average price of $31.67 and a two-hundred day moving average price of $27.03.

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

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.