Geneos Wealth Management Inc. Boosts Stake in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Geneos Wealth Management Inc. increased its stake in Credo Technology Group by 38,668.7%, acquiring 25,908 additional shares, bringing its total holdings to 25,975 shares worth approximately $1,043,000.
• Multiple institutional investors have also raised their positions in Credo Technology Group, contributing to a total institutional ownership of 80.46% in the company.
• Credo Technology Group reported quarterly earnings of $0.34 per share, below the expected $0.36, while revenue grew 273.6% year-over-year to $223.07 million.

Geneos Wealth Management Inc. grew its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 38,668.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,975 shares of the company's stock after buying an additional 25,908 shares during the period. Geneos Wealth Management Inc.'s holdings in Credo Technology Group were worth $1,043,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Operose Advisors LLC raised its holdings in shares of Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after buying an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Credo Technology Group in the first quarter worth $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Credo Technology Group in the first quarter worth $27,000. Harbour Investments Inc. purchased a new position in shares of Credo Technology Group in the first quarter worth $29,000. Finally, Virtus Advisers LLC purchased a new position in shares of Credo Technology Group in the first quarter worth $31,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 171,473 shares of Credo Technology Group stock in a transaction on Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the transaction, the director owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. The trade was a 21.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Joseph Brennan sold 150,000 shares of Credo Technology Group stock in a transaction on Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,061,978 shares of the company's stock, valued at $220,363,588.86. The trade was a 6.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,033,917 shares of company stock valued at $99,967,419. Corporate insiders own 11.84% of the company's stock.

Credo Technology Group Stock Performance

CRDO opened at $161.99 on Friday. Credo Technology Group Holding Ltd. has a fifty-two week low of $26.96 and a fifty-two week high of $168.42. The company has a fifty day moving average of $115.91 and a two-hundred day moving average of $77.00. The stock has a market capitalization of $28.02 billion, a price-to-earnings ratio of 241.78 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 earnings per share 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 firm had revenue of $223.07 million during the quarter, compared to analysts' expectations of $190.63 million. During the same period in the previous year, the firm posted $0.04 EPS. The firm's quarterly revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on CRDO shares. TD Cowen raised their price target on shares of Credo Technology Group from $140.00 to $160.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. Zacks Research raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, September 8th. Cowen reissued a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. Needham & Company LLC raised their target price on shares of Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. Finally, Wall Street Zen raised shares of Credo Technology Group from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Two equities research analysts have rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $126.27.

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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