GAMMA Investing LLC Buys 78,623 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

GAMMA Investing LLC raised its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 8,072.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 79,597 shares of the company's stock after purchasing an additional 78,623 shares during the period. GAMMA Investing LLC's holdings in Credo Technology Group were worth $3,197,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Fire Capital Management LLC bought a new stake in Credo Technology Group in the fourth quarter valued at approximately $569,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Credo Technology Group in the fourth quarter valued at approximately $7,799,000. B. Riley Wealth Advisors Inc. bought a new stake in Credo Technology Group in the fourth quarter valued at approximately $498,000. Mackenzie Financial Corp increased its stake in Credo Technology Group by 395.3% in the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company's stock valued at $2,564,000 after purchasing an additional 30,443 shares in the last quarter. Finally, Forum Financial Management LP bought a new stake in Credo Technology Group in the fourth quarter valued at approximately $253,000. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Down 1.1%

Shares of NASDAQ CRDO traded down $0.85 during mid-day trading on Friday, reaching $73.49. 4,558,877 shares of the company were exchanged, compared to its average volume of 3,921,918. The company's 50-day simple moving average is $53.72 and its 200-day simple moving average is $59.25. The stock has a market capitalization of $12.48 billion, a P/E ratio of -489.93 and a beta of 2.42. Credo Technology Group Holding Ltd has a twelve month low of $22.50 and a twelve month high of $86.69.

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

Insider Buying and Selling

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $77.35, for a total value of $293,156.50. Following the transaction, the chief financial officer now directly owns 602,352 shares of the company's stock, valued at $46,591,927.20. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.53, for a total transaction of $3,989,150.00. Following the completion of the transaction, the chief technology officer now directly owns 7,548,961 shares in the company, valued at approximately $547,526,141.33. This represents a 0.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 679,594 shares of company stock valued at $35,108,005. 16.04% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on CRDO. Mizuho lowered their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. TD Cowen increased their price objective on shares of Credo Technology Group from $50.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Finally, Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $78.60.

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.