Two Sigma Advisers LP Trims Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Two Sigma Advisers LP cut its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 28.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 821,100 shares of the company's stock after selling 334,000 shares during the quarter. Two Sigma Advisers LP owned approximately 0.49% of Credo Technology Group worth $25,290,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Allworth Financial LP increased its position in shares of Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after purchasing an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Credo Technology Group during the 2nd quarter valued at $29,000. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group during the 3rd quarter valued at $30,000. Fifth Third Bancorp increased its position in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock valued at $34,000 after purchasing an additional 400 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock valued at $35,000 after purchasing an additional 1,001 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Up 5.4 %

Shares of CRDO traded up $3.83 during trading hours on Friday, reaching $74.23. 4,595,392 shares of the company's stock traded hands, compared to its average volume of 3,705,549. The stock has a market cap of $12.41 billion, a PE ratio of -494.87 and a beta of 2.26. The firm's 50 day simple moving average is $42.84 and its 200-day simple moving average is $33.73. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $75.32.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its 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 return on equity of 2.94% and a negative net margin of 9.70%. As a group, analysts expect that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CRDO. The Goldman Sachs Group lifted their price objective on Credo Technology Group from $31.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday. Stifel Nicolaus reissued a "buy" rating and issued a $75.00 price objective (up previously from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Needham & Company LLC lifted their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Barclays lifted their price objective on Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a report on Tuesday, December 3rd. Finally, Bank of America raised Credo Technology Group from an "underperform" rating to a "buy" rating and lifted their price objective for the stock from $27.00 to $80.00 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 presently has a consensus rating of "Buy" and a consensus price target of $67.33.

Insider Buying and Selling

In other Credo Technology Group news, insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.36, for a total value of $627,200.00. Following the transaction, the insider now directly owns 302,466 shares of the company's stock, valued at $9,485,333.76. The trade was a 6.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel W. Fleming sold 12,504 shares of Credo Technology Group stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the transaction, the chief financial officer now directly owns 656,456 shares in the company, valued at $31,824,986.88. This trade represents a 1.87 % 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 quarter. 16.04% of the stock is owned by insiders.

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.