Aigen Investment Management LP Acquires New Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Aigen Investment Management LP bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the third quarter, according to its most recent disclosure with the SEC. The firm bought 8,792 shares of the company’s stock, valued at approximately $271,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Thornburg Investment Management Inc. grew its holdings in shares of Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock worth $5,029,000 after purchasing an additional 64,177 shares during the period. Principal Financial Group Inc. raised its stake in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after acquiring an additional 368,518 shares during the period. Carnegie Investment Counsel boosted its position in shares of Credo Technology Group by 7.3% during the 3rd quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock worth $9,610,000 after purchasing an additional 21,350 shares during the period. Swiss National Bank raised its position in Credo Technology Group by 14.7% in the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock valued at $5,391,000 after purchasing an additional 32,600 shares during the period. Finally, Castleark Management LLC acquired a new position in Credo Technology Group during the first quarter worth $3,876,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,728,602 shares of the company’s stock, valued at $413,473,876.74. This trade represents a 0.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel W. Fleming sold 108,790 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $31.10, for a total value of $3,383,369.00. Following the sale, the chief financial officer now owns 676,386 shares in the company, valued at approximately $21,035,604.60. This trade represents a 13.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,379,817 shares of company stock valued at $45,262,336 in the last 90 days. 16.04% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on CRDO. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Needham & Company LLC raised their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Barclays upped their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Mizuho boosted their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, Stifel Nicolaus increased their price target on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $36.56.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $39.76 on Friday. The stock’s 50 day moving average price is $35.62 and its 200 day moving average price is $30.03. The company has a market cap of $6.60 billion, a PE ratio of -248.50 and a beta of 2.19. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $48.94.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The firm had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.