Credo Technology Group Holding Ltd. $CRDO Stake Increased by MKP Capital Management L.L.C.

MKP Capital Management L.L.C. raised its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 91.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 20,000 shares of the company’s stock after purchasing an additional 9,550 shares during the quarter. Credo Technology Group makes up approximately 0.1% of MKP Capital Management L.L.C.’s investment portfolio, making the stock its 20th largest holding. MKP Capital Management L.L.C.’s holdings in Credo Technology Group were worth $3,896,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its position in shares of Credo Technology Group by 13.7% in the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock worth $593,603,000 after purchasing an additional 262,479 shares during the period. Atreides Management LP increased its position in shares of Credo Technology Group by 3.5% during the second quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock worth $307,109,000 after buying an additional 38,052 shares during the period. Pictet Asset Management Holding SA increased its position in shares of Credo Technology Group by 222.5% during the third quarter. Pictet Asset Management Holding SA now owns 740,487 shares of the company’s stock worth $144,170,000 after buying an additional 510,905 shares during the period. The Manufacturers Life Insurance Company raised its stake in Credo Technology Group by 192.1% during the first quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock worth $98,290,000 after buying an additional 688,596 shares during the last quarter. Finally, Value Aligned Research Advisors LLC bought a new position in Credo Technology Group during the second quarter worth $91,919,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 2.3%

NASDAQ:CRDO opened at $129.80 on Wednesday. The company has a fifty day moving average of $174.75 and a 200-day moving average of $180.23. The firm has a market capitalization of $24.40 billion, a P/E ratio of 46.19, a P/E/G ratio of 0.53 and a beta of 3.29. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.03. The business had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. Credo Technology Group’s revenue was up 114.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 earnings per share. On average, analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total transaction of $4,513,300.00. Following the transaction, the chief technology officer owned 5,552,397 shares in the company, valued at approximately $911,259,395.64. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Brennan sold 16,666 shares of the company’s stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $174.87, for a total transaction of $2,914,383.42. Following the transaction, the chief executive officer owned 1,584,164 shares in the company, valued at $277,022,758.68. This represents a 1.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 352,538 shares of company stock valued at $67,200,077. 9.06% of the stock is owned by insiders.

Credo Technology Group News Roundup

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo’s revenue more than doubled year over year in its latest reported quarter, and the company has maintained a long streak of earnings beats. Analysts have reportedly raised estimates, supporting the case that its AI-connectivity business could continue growing. Article: Wall Street May Be Underestimating This AI Chip Stock’s Next Growth Phase
• Positive Sentiment: Credo and Oracle helped advance two Open Compute Project optical telemetry standards intended to improve monitoring and reliability in AI data-center networks. The development reinforces the company’s position in AI infrastructure. Article: Credo Technology Group Helped Set New AI Network Standards
• Neutral Sentiment: CRDO previously rebounded amid a broad technology rally and dip-buying after a sharp selloff. Reports suggested the move reflected renewed interest in its AI-networking outlook and recent results, rather than a single new catalyst. Article: Credo Technology Advances Amid Broad Tech Rally
• Negative Sentiment: Despite rapid growth, Credo depends on a small number of large AI customers, leaving results exposed to changes in their spending. Articles also question whether its valuation still leaves room for gains amid concerns about the AI trade. Article: Is Credo Technology Stock a Buy Right Now?
• Negative Sentiment: Reported insider transactions show sales and no purchases over the past six months, which may add to investor caution. The stock has also fallen substantially from its peak, suggesting the market is reassessing its growth expectations and valuation.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CRDO shares. Barclays boosted their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Rosenblatt Securities reiterated a “neutral” rating and set a $235.00 price target on shares of Credo Technology Group in a report on Thursday, October 15th. Bank of America lowered their price objective on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a research report on Wednesday, September 2nd. JPMorgan Chase & Co. dropped their price objective on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 2nd. Finally, Evercore set a $292.00 price objective on Credo Technology Group in a research note on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $262.67.

Credo Technology Group Profile

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments. The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.