KP Management LLC Makes New $2.77 Million Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

KP Management LLC purchased a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 90,000 shares of the company's stock, valued at approximately $2,772,000. KP Management LLC owned approximately 0.05% of Credo Technology Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP lifted its stake in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after buying an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Credo Technology Group in the second quarter valued at approximately $29,000. Fifth Third Bancorp lifted its stake in 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 during the last quarter. Covestor Ltd lifted its stake in Credo Technology Group by 19,240.0% in 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. Finally, CWM LLC lifted its stake in 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 during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

Credo Technology Group stock traded up $0.96 during trading hours on Monday, hitting $40.14. The stock had a trading volume of 1,918,548 shares, compared to its average volume of 2,226,264. The stock has a market capitalization of $6.63 billion, a price-to-earnings ratio of -224.11 and a beta of 2.24. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $40.59. The stock's fifty day moving average is $32.68 and its two-hundred day moving average is $27.66.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its 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). The firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. As a group, sell-side analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insider Activity at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the sale, the director now owns 2,638,725 shares of the company's stock, valued at $80,481,112.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the firm's stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the sale, the director now directly owns 2,638,725 shares of the company's stock, valued at approximately $80,481,112.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00. Following the completion of the sale, the chief technology officer now directly owns 8,838,602 shares in the company, valued at approximately $346,826,742.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,444,817 shares of company stock valued at $45,913,586 over the last quarter. Insiders own 23.89% of the company's stock.

Analyst Ratings Changes

CRDO has been the subject of a number of research reports. Barclays boosted their price objective on Credo Technology Group from $30.00 to $32.00 and gave the company an "overweight" rating in a research note on Thursday, September 5th. Bank of America upped their price target on Credo Technology Group from $25.00 to $27.00 and gave the stock an "underperform" rating in a research note on Thursday, September 5th. Craig Hallum upped their price target on Credo Technology Group from $30.00 to $38.00 and gave the stock a "buy" rating in a research note on Thursday, September 5th. Mizuho upped their price target 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, Needham & Company LLC upped their price target on Credo Technology Group from $29.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.56.

Credo Technology Group Company 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.