Aigen Investment Management LP Grows Stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Aigen Investment Management LP increased its stake in Credo Technology Group by 171.9% in Q1, owning 17,155 shares valued at $689,000.
• Insider transactions included CFO Daniel W. Fleming selling 3,790 shares, while Director Pantas Sutardja sold 1,875 shares, reflecting minor decreases in their respective holdings.
• Credo Technology Group reported a significant 179.6% year-over-year revenue increase and beat analyst EPS expectations in its latest quarterly earnings.

Aigen Investment Management LP lifted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 171.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,155 shares of the company's stock after purchasing an additional 10,846 shares during the quarter. Aigen Investment Management LP's holdings in Credo Technology Group were worth $689,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRDO. Larson Financial Group LLC grew its position in Credo Technology Group by 21.5% during the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after buying an additional 245 shares in the last quarter. Calamos Advisors LLC grew its position in Credo Technology Group by 3.1% during the first quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock worth $698,000 after buying an additional 529 shares in the last quarter. KBC Group NV grew its position in Credo Technology Group by 11.7% during the first quarter. KBC Group NV now owns 6,324 shares of the company's stock worth $254,000 after buying an additional 663 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Credo Technology Group during the first quarter worth about $27,000. Finally, Harbour Investments Inc. purchased a new position in Credo Technology Group during the first quarter worth about $29,000. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CRDO shares. Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. TD Cowen upped their price objective on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th. Needham & Company LLC upped their price objective on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Susquehanna upped their price objective on Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Credo Technology Group currently has a consensus rating of "Buy" and a consensus target price of $87.91.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $97.29, for a total value of $368,729.10. Following the completion of the sale, the chief financial officer owned 582,428 shares of the company's stock, valued at approximately $56,664,420.12. This trade represents a 0.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, August 1st. The stock was sold at an average price of $107.12, for a total value of $5,891,600.00. Following the completion of the sale, the chief technology officer directly owned 7,108,961 shares of the company's stock, valued at approximately $761,511,902.32. The trade was a 0.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,274,583 shares of company stock worth $113,118,257 in the last 90 days. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Price Performance

CRDO traded down $4.25 during midday trading on Wednesday, reaching $121.13. 4,673,311 shares of the company's stock traded hands, compared to its average volume of 4,214,879. Credo Technology Group Holding Ltd. has a 52 week low of $24.08 and a 52 week high of $128.56. The stock has a market capitalization of $20.79 billion, a price-to-earnings ratio of 448.63, a P/E/G ratio of 2.25 and a beta of 2.59. The firm has a fifty day moving average of $95.94 and a two-hundred day moving average of $68.01.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The business's revenue was up 179.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.07 EPS. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current 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.