Moore Capital Management LP Acquires Shares of 36,626 Credo Technology Group Holding Ltd. $CRDO

Moore Capital Management LP bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 36,626 shares of the company’s stock, valued at approximately $9,960,000.

A number of other institutional investors have also modified their holdings of the business. State Street Corp grew its position in Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after purchasing an additional 849,654 shares during the last quarter. Geode Capital Management LLC lifted its position in Credo Technology Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after acquiring an additional 184,676 shares during the period. Corient Private Wealth LLC grew its stake in shares of Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after purchasing an additional 1,406,752 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Shares of CRDO opened at $232.75 on Monday. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67. The firm has a market capitalization of $43.74 billion, a P/E ratio of 93.85, a PEG ratio of 1.06 and a beta of 3.23. The firm’s 50-day moving average is $238.64 and its two-hundred day moving average is $187.33.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s revenue for the quarter was up 157.0% on a year-over-year basis. During the same period last year, the firm earned $0.20 EPS. Analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Transactions at Credo Technology Group

In related news, COO Yat Tung Lam sold 55,441 shares of Credo Technology Group stock in a transaction on Friday, July 31st. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the transaction, the chief operating officer directly owned 2,529,169 shares of the company’s stock, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00. Following the sale, the chief technology officer owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. The trade was a 0.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 435,076 shares of company stock valued at $101,043,506. Company insiders own 11.84% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the subject of several recent research reports. Susquehanna increased their price target on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Barclays upped their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Finally, TD Cowen raised their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $268.39.

Credo Technology Group Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high?speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low?latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high?speed analog and mixed?signal devices designed to preserve signal integrity and extend reach over copper and optical links.