SG Americas Securities LLC Invests $230,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)
SG Americas Securities LLC purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Rating) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 20,895 shares of the company's stock, valued at approximately $230,000.
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A number of other hedge funds have also made changes to their positions in CRDO. Capital Research Global Investors bought a new position in Credo Technology Group during the first quarter worth $125,306,000. BlackRock Inc. bought a new position in Credo Technology Group during the first quarter worth $48,844,000. Vanguard Group Inc. bought a new position in Credo Technology Group during the first quarter worth $29,191,000. Point72 Asset Management L.P. lifted its stake in Credo Technology Group by 169.0% during the second quarter. Point72 Asset Management L.P. now owns 1,801,968 shares of the company's stock worth $21,047,000 after purchasing an additional 1,131,968 shares during the last quarter. Finally, Polar Asset Management Partners Inc. bought a new position in Credo Technology Group during the first quarter worth $10,154,000. Institutional investors and hedge funds own 40.46% of the company's stock.
Analyst Upgrades and Downgrades
Separately, Needham & Company LLC raised their price objective on Credo Technology Group from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, December 1st. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $19.38.
Insider Activity at Credo Technology Group
In related news, COO Yat Tung Lam sold 5,000 shares of Credo Technology Group stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $15.02, for a total transaction of $75,100.00. Following the sale, the chief operating officer now directly owns 3,330,119 shares in the company, valued at $50,018,387.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Lip Bu Tan sold 107,692 shares of Credo Technology Group stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $15.02, for a total transaction of $1,617,533.84. Following the transaction, the director now directly owns 2,236,029 shares of the company's stock, valued at $33,585,155.58. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Yat Tung Lam sold 5,000 shares of Credo Technology Group stock in a transaction dated Thursday, December 8th. The stock was sold at an average price of $15.02, for a total value of $75,100.00. Following the transaction, the chief operating officer now directly owns 3,330,119 shares in the company, valued at $50,018,387.38. The disclosure for this sale can be found here. Insiders have sold a total of 855,143 shares of company stock worth $12,308,258 over the last ninety days. 34.20% of the stock is currently owned by corporate insiders.
Credo Technology Group Stock Performance
CRDO stock opened at $17.33 on Wednesday. The stock has a market capitalization of $2.54 billion and a price-to-earnings ratio of -288.83. Credo Technology Group Holding Ltd has a 1 year low of $8.61 and a 1 year high of $18.00. The stock's fifty day moving average is $14.36 and its two-hundred day moving average is $13.61.
Credo Technology Group (NASDAQ:CRDO - Get Rating) last issued its quarterly earnings data on Wednesday, November 30th. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.01). Credo Technology Group had a negative net margin of 5.34% and a positive return on equity of 2.61%. The company had revenue of $51.37 million for the quarter, compared to the consensus estimate of $50.50 million. As a group, analysts predict that Credo Technology Group Holding Ltd will post 0.03 EPS for the current fiscal year.
Credo Technology Group Company Profile
Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.
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