Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by SeaCrest Wealth Management LLC

SeaCrest Wealth Management LLC reduced its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 35.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,811 shares of the company's stock after selling 7,174 shares during the quarter. SeaCrest Wealth Management LLC's holdings in Credo Technology Group were worth $514,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new position in Credo Technology Group in the fourth quarter valued at $700,000. Charles Schwab Investment Management Inc. increased its stake in Credo Technology Group by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock worth $79,289,000 after acquiring an additional 43,169 shares during the last quarter. Vontobel Holding Ltd. increased its stake in Credo Technology Group by 3.4% during the fourth quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock worth $1,316,000 after acquiring an additional 635 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Credo Technology Group by 7.0% during the fourth quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company's stock worth $37,798,000 after acquiring an additional 36,949 shares during the last quarter. Finally, Amalgamated Bank increased its stake in Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company's stock worth $321,000 after acquiring an additional 411 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00. Following the completion of the transaction, the chief technology officer now owns 8,103,602 shares of the company's stock, valued at approximately $383,219,338.58. This represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $46.01, for a total value of $86,268.75. Following the sale, the director now owns 5,900,527 shares in the company, valued at $271,483,247.27. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 473,665 shares of company stock valued at $19,795,531. Insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $72.96 on Friday. Credo Technology Group Holding Ltd has a 1-year low of $22.50 and a 1-year high of $86.69. The business has a 50-day moving average of $50.23 and a 200-day moving average of $58.46. The company has a market capitalization of $12.39 billion, a price-to-earnings ratio of -486.40 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. Credo Technology Group's revenue for the quarter was up 179.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 earnings per share. Research analysts expect that Credo Technology Group Holding Ltd will post 0.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. TD Cowen upped their price target on Credo Technology Group from $50.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Barclays set a $85.00 price target on Credo Technology Group and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. Cowen restated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday. Mizuho dropped their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Finally, Stifel Nicolaus upped their target price on Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Eleven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Credo Technology Group has a consensus rating of "Buy" and a consensus price target of $78.60.

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.

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