Kingswood Wealth Advisors LLC Invests $392,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Kingswood Wealth Advisors LLC bought a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 12,285 shares of the company’s stock, valued at approximately $392,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRDO. Allspring Global Investments Holdings LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter valued at about $4,361,000. Moody Aldrich Partners LLC increased its holdings in Credo Technology Group by 67.8% during the 4th quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock worth $3,947,000 after purchasing an additional 81,904 shares during the last quarter. Carnegie Capital Asset Management LLC raised its position in shares of Credo Technology Group by 19.4% in the 4th quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock valued at $5,714,000 after purchasing an additional 47,650 shares in the last quarter. Strs Ohio boosted its stake in shares of Credo Technology Group by 12.7% during the 4th quarter. Strs Ohio now owns 26,700 shares of the company’s stock valued at $519,000 after buying an additional 3,000 shares during the last quarter. Finally, Calamos Advisors LLC grew its position in shares of Credo Technology Group by 77.2% during the fourth quarter. Calamos Advisors LLC now owns 199,927 shares of the company’s stock worth $3,893,000 after buying an additional 87,123 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on CRDO. TD Cowen increased their price objective on shares of Credo Technology Group from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Bank of America reiterated an “underperform” rating and issued a $22.00 price target (up from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Barclays boosted their price objective on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Craig Hallum increased their target price on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Finally, Needham & Company LLC boosted their price target on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $30.38.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Friday, May 10th. The stock was sold at an average price of $17.50, for a total transaction of $175,000.00. Following the transaction, the chief operating officer now directly owns 3,143,738 shares in the company, valued at approximately $55,015,415. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $17.50, for a total value of $175,000.00. Following the transaction, the chief operating officer now owns 3,143,738 shares of the company’s stock, valued at approximately $55,015,415. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $26.85, for a total transaction of $1,476,750.00. Following the sale, the chief technology officer now directly owns 9,278,602 shares of the company’s stock, valued at $249,130,463.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 921,678 shares of company stock worth $26,364,794. 23.89% of the stock is owned by corporate insiders.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO traded down $0.25 during trading hours on Wednesday, hitting $24.85. The stock had a trading volume of 1,185,611 shares, compared to its average volume of 2,140,495. The stock’s fifty day simple moving average is $28.74 and its 200 day simple moving average is $23.34. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of -139.44 and a beta of 2.23. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $33.96.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, May 29th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. The business had revenue of $60.78 million for the quarter, compared to analyst estimates of $60.50 million. As a group, research analysts anticipate that Credo Technology Group Holding Ltd will post 0.07 EPS for the current year.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo 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 HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.