Counterpoint Mutual Funds LLC Takes $406,000 Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Counterpoint Mutual Funds LLC acquired a new position in Credo Technology Group Holding Ltd. by purchasing 4,390 shares valued at approximately $406,000 during the second quarter.
• Institutional investors own about 80.46% of Credo Technology Group's stock, with several funds increasing their stakes in the company earlier this year.
• Credo Technology reported a quarterly revenue of $223.07 million, significantly surpassing analysts' expectations of $190.63 million, but missed earnings per share estimates by $0.02.

Counterpoint Mutual Funds LLC purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 4,390 shares of the company's stock, valued at approximately $406,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Swedbank AB grew its stake in shares of Credo Technology Group by 29.5% in the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company's stock valued at $129,280,000 after purchasing an additional 733,811 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Credo Technology Group by 6.1% during the first quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company's stock worth $74,151,000 after acquiring an additional 105,405 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock valued at $61,235,000 after purchasing an additional 589,151 shares in the last quarter. Nuveen LLC acquired a new position in Credo Technology Group during the 1st quarter worth approximately $52,636,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Credo Technology Group by 74.3% in the first quarter. The Manufacturers Life Insurance Company now owns 1,098,369 shares of the company's stock valued at $44,110,000 after buying an additional 468,145 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $162.26 on Wednesday. The company has a market cap of $28.07 billion, a P/E ratio of 242.18 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 12 month low of $28.75 and a 12 month high of $176.70. The company has a 50-day moving average of $125.51 and a 200-day moving average of $82.78.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The company had revenue of $223.07 million during the quarter, compared to analysts' expectations of $190.63 million. During the same quarter in the previous year, the firm posted $0.04 earnings per share. Credo Technology Group's revenue for the quarter was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of recent analyst reports. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Susquehanna increased their target price on shares of Credo Technology Group from $115.00 to $165.00 and gave the company a "positive" rating in a report on Thursday, September 4th. TD Cowen boosted their price target on Credo Technology Group from $140.00 to $160.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. William Blair began coverage on Credo Technology Group in a report on Thursday, September 18th. They issued an "outperform" rating on the stock. Finally, Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 8th. Two investment analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $126.27.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $163.98, for a total transaction of $9,018,900.00. Following the completion of the sale, the chief technology officer directly owned 6,998,961 shares in the company, valued at $1,147,689,624.78. This represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $137.55, for a total value of $521,314.50. Following the sale, the chief financial officer owned 576,178 shares of the company's stock, valued at $79,253,283.90. The trade was a 0.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 743,915 shares of company stock valued at $87,801,495 in the last 90 days. 11.84% of the stock is owned by corporate insiders.

About Credo Technology Group

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.

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