On September 27, 2023, it was reported that SG Americas Securities LLC had reduced its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 30.8% during the second quarter. According to the company’s recent disclosure with the Securities & Exchange Commission, SG Americas Securities owned 44,089 shares of the company’s stock after selling 19,599 shares in the quarter. The value of their holdings amounted to $765,000 at the time of their most recent filing.
Credo Technology Group (NASDAQ:CRDO) recently announced its quarterly earnings data on August 24th. For the quarter, the company reported earnings per share of ($0.03), which met analysts’ consensus estimate of ($0.03). The business generated $35.10 million in revenue for the period, slightly surpassing analysts’ expectations of $34.27 million. However, Credo Technology Group experienced a decline of 24.5% in revenue compared to the previous year. It also had a negative return on equity of -5.41% and a negative net margin of -16.30%. In contrast, during the same period in the previous year, the firm posted EPS of $0.01.
Financial experts predict that Credo Technology Group Holding Ltd will achieve an earnings per share figure of -0.15 for this fiscal year.
In other news regarding insider trading activity, CTO Chi Fung Cheng sold 3,025 shares of Credo Technology Group’s stock on September 25th at an average price of $15.00 per share, totaling a transaction value of $45,375. Following this transaction, Cheng now holds 226,175 shares valued at approximately $3,392,625.
Furthermore, Director Lip Bu Tan sold 281,048 shares of Credo Technology Group’s stock on July 13th at an average price of $17.18 per share, resulting in a total transaction value of $4,828,404.64. As a result of this sale, Tan currently holds 30,000 shares with an approximate worth of $515,400.
Additionally, CTO Chi Fung Cheng carried out another transaction on September 25th by selling 3,025 shares at an average price of $15.00 per share. Following this sale, Cheng now owns 226,175 shares valued at approximately $3,392,625.
These insider transactions have amounted to a total of 758,587 shares being sold by company insiders over the last three months. The total value of these sales is estimated to be $12,632,498. Currently, company insiders hold approximately 23.89% of the stock.
For more information on these recent insider transactions and additional details concerning Credo Technology Group Holding Ltd’s financial activities and performance updates, interested individuals can access the Securities & Exchange Commission’s official website for relevant legal filings.
It is important to note that all data mentioned here refers to the situation as of September 27th, 2023.
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Growing Interest and Institutional Investment in Credo Technology Group Signify Promising Future
Credo Technology Group, a leading technology firm, has garnered the attention of several institutional investors. Harvest Fund Management Co. Ltd, for instance, recently purchased a new position in shares of Credo Technology Group, investing approximately $25,000 in the first quarter. Similarly, Royal Bank of Canada and Ameritas Investment Partners Inc. obtained new positions in the company during the same period, each investing $26,000. These investment decisions highlight the growing interest in Credo Technology Group and its potential for future growth.
Another notable institution that increased its holdings in Credo Technology Group is Assetmark Inc., which witnessed a 35.9% increase during the fourth quarter. This investment management firm now owns 2,132 shares of the company’s stock worth $28,000 after acquiring an additional 563 shares during that period. Such moves by stakeholders demonstrate confidence in Credo Technology Group’s prospects.
Furthermore, Altshuler Shaham Ltd purchased a new position in Credo Technology Group worth $40,000 during the fourth quarter. This further emphasizes the increasing appeal and potential opportunities presented by the company to institutional investors.
Overall, it is worth noting that approximately 54.44% of CRDO stock is currently owned by institutional investors, underlining their growing trust and belief in Credo Technology Group’s performance.
On Wednesday, September 27th, CRDO stock opened at $14.65 per share. The stock has maintained a fifty-day moving average of $15.65 and a two-hundred-day moving average of $13.30 throughout recent periods of analysis. Additionally, Credo Technology Group boasts a market capitalization of $2.20 billion.
With regards to valuation metrics surrounding CRDO stock; it exhibits a price-to-earnings ratio -77.11 as well as a beta of 2.01 showcasing increased volatility compared to market benchmarks such as S&P or Dow Jones indices.
Several research analysts have provided insights into Credo Technology Group, enhancing investors’ understanding of the company’s potential. TD Cowen, for instance, raised their price target on CRDO stock from $14.00 to $16.00 and assigned a “market perform” rating to the stock in a research note on August 25th. This reaffirmed the market’s confidence in Credo Technology Group.
51job also reissued a “maintains” rating on shares of Credo Technology Group during June 1st, further solidifying its position within the marketplace. Additionally, Mizuho raised its target price from $16.00 to $18.00 in a report that same day.
Meanwhile, Needham & Company LLC boosted their price target even further on August 25th from $17.00 to $20.00 and gave the stock a “buy” rating, reflecting their positive outlook on Credo Technology Group’s future growth prospects.
Stifel Nicolaus echoed this sentiment by increasing its target price from $17.00 to $20.00 and assigning a “buy” rating on July 20th.
In conclusion, Credo Technology Group has garnered attention from institutional investors due to its potential for future growth and performance within the technology sector. The investments made by these institutions showcase growing belief in Credo Technology Group’s capabilities and may serve as an indicator of positive developments ahead for the company.
Disclaimer: The information provided in this article does not constitute investment advice or recommendations; readers are urged to conduct their own research before making investment decisions based on this article
