GAMMA Investing LLC Boosts Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

GAMMA Investing LLC boosted its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 8,072.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,597 shares of the company’s stock after purchasing an additional 78,623 shares during the quarter. GAMMA Investing LLC’s holdings in Credo Technology Group were worth $3,197,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Fire Capital Management LLC bought a new stake in shares of Credo Technology Group in the 4th quarter worth about $569,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Credo Technology Group in the fourth quarter worth about $7,799,000. B. Riley Wealth Advisors Inc. bought a new stake in Credo Technology Group during the fourth quarter worth approximately $498,000. Mackenzie Financial Corp raised its position in Credo Technology Group by 395.3% during the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company’s stock valued at $2,564,000 after purchasing an additional 30,443 shares during the period. Finally, Forum Financial Management LP purchased a new stake in Credo Technology Group during the fourth quarter valued at approximately $253,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 4.5%

CRDO stock opened at $71.64 on Thursday. Credo Technology Group Holding Ltd has a twelve month low of $22.50 and a twelve month high of $86.69. The firm has a market cap of $12.16 billion, a price-to-earnings ratio of -477.60 and a beta of 2.42. The business’s fifty day simple moving average is $52.19 and its two-hundred day simple moving average is $58.88.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The company had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The firm’s revenue was up 179.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.07 EPS. Research analysts expect that Credo Technology Group Holding Ltd will post 0.13 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on CRDO. Mizuho dropped their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Noble Financial upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Tuesday, June 3rd. Susquehanna restated a “positive” rating and issued a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Finally, TD Cowen lifted their price target on shares of Credo Technology Group from $50.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $78.60.

Insider Activity

In other news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $46.01, for a total transaction of $86,268.75. Following the transaction, the director now owns 5,900,527 shares of the company’s stock, valued at approximately $271,483,247.27. This represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total value of $452,300.00. Following the completion of the sale, the chief operating officer now owns 2,802,447 shares of the company’s stock, valued at $126,754,677.81. The trade was a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 679,594 shares of company stock valued at $35,108,005. Corporate insiders own 16.04% of the company’s stock.

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.