Dark Forest Capital Management LP Buys Shares of 123,558 Credo Technology Group Holding Ltd. $CRDO

Key Points

• Dark Forest Capital Management LP bought a total of 123,558 shares of Credo Technology Group Holding Ltd. (NASDAQ: CRDO) valued at approximately $4,962,000, representing 0.07% ownership as of its latest SEC filing.
• Several hedge funds significantly increased their stakes in the company during Q4, with Ameriprise Financial increasing its holdings by 49.5% to own 1,643,560 shares, valued at $110.48 million.
• Wall Street analysts have raised target prices for CRDO, with Mizuho climbing from $112 to $135 and the stock receiving a mostly positive consensus rating, averaging a target of $91.27.

Dark Forest Capital Management LP purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 123,558 shares of the company's stock, valued at approximately $4,962,000. Dark Forest Capital Management LP owned 0.07% of Credo Technology Group as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Nuveen LLC acquired a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $52,636,000. Polar Capital Holdings Plc grew its position in shares of Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock valued at $97,527,000 after acquiring an additional 1,150,084 shares during the period. Candriam S.C.A. acquired a new stake in shares of Credo Technology Group during the 1st quarter valued at about $29,258,000. Bank of America Corp DE grew its position in shares of Credo Technology Group by 281.7% during the 4th quarter. Bank of America Corp DE now owns 391,446 shares of the company's stock valued at $26,309,000 after acquiring an additional 606,850 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new position in Credo Technology Group during the first quarter worth approximately $24,329,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, August 1st. The stock was sold at an average price of $107.00, for a total value of $200,625.00. Following the sale, the director owned 5,898,652 shares in the company, valued at $631,155,764. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.12, for a total transaction of $5,891,600.00. Following the completion of the sale, the chief technology officer directly owned 7,108,961 shares in the company, valued at $761,511,902.32. This trade represents a 0.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,123,654 shares of company stock worth $101,794,933 in the last 90 days. 11.84% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CRDO has been the topic of several recent analyst reports. Stifel Nicolaus set a $155.00 price objective on shares of Credo Technology Group in a report on Thursday. Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Sunday, August 24th. Barclays increased their target price on Credo Technology Group from $85.00 to $165.00 and gave the company an "overweight" rating in a report on Thursday. Needham & Company LLC lifted their price target on Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. One analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company's stock. According to MarketBeat.com, Credo Technology Group has an average rating of "Buy" and a consensus price target of $126.27.

Credo Technology Group Price Performance

Credo Technology Group stock traded up $6.82 during trading on Friday, reaching $140.82. 7,238,133 shares of the company were exchanged, compared to its average volume of 5,250,375. Credo Technology Group Holding Ltd. has a 52-week low of $24.08 and a 52-week high of $142.57. The company has a market capitalization of $24.36 billion, a P/E ratio of 210.18, a PEG ratio of 2.24 and a beta of 2.59. The stock's 50 day simple moving average is $108.44 and its two-hundred day simple moving average is $73.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 20.24% and a net margin of 20.85%.The company had revenue of $223.07 million for the quarter, compared to analysts' expectations of $190.63 million. During the same quarter in the prior year, the firm earned $0.04 EPS. The firm's revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Credo Technology Group 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.