209,000 Shares in Credo Technology Group Holding Ltd. $CRDO Acquired by Grand Alliance Asset Management Ltd

Key Points

• Grand Alliance Asset Management Ltd made a significant investment in Credo Technology Group, purchasing 209,000 shares valued at approximately $8.39 million, which represents 9.7% of its holdings.
• Several large institutional investors have increased their stakes in Credo Technology Group, indicating strong interest, with 80.46% of the company's stock owned by institutional investors.
• Credo Technology Group's stock has shown substantial growth, with a 179.6% increase in revenue compared to the same quarter last year, and it recently reported an EPS of $0.35, surpassing analyst expectations.

Grand Alliance Asset Management Ltd purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 209,000 shares of the company's stock, valued at approximately $8,393,000. Credo Technology Group accounts for approximately 9.7% of Grand Alliance Asset Management Ltd's holdings, making the stock its 7th largest holding. Grand Alliance Asset Management Ltd owned approximately 0.12% of Credo Technology Group as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Operose Advisors LLC boosted its position in Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after buying an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in Credo Technology Group in the 1st quarter valued at approximately $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Credo Technology Group in the 1st quarter valued at approximately $27,000. Harbour Investments Inc. purchased a new position in Credo Technology Group in the 1st quarter valued at approximately $29,000. Finally, Virtus Advisers LLC purchased a new stake in shares of Credo Technology Group during the 1st quarter worth $31,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Performance

NASDAQ CRDO traded up $1.21 during trading on Tuesday, reaching $124.27. The company's stock had a trading volume of 6,392,793 shares, compared to its average volume of 3,642,978. The firm has a market cap of $21.49 billion, a price-to-earnings ratio of 455.76, a P/E/G ratio of 2.21 and a beta of 2.59. Credo Technology Group Holding Ltd. has a twelve month low of $24.08 and a twelve month high of $134.35. The business's fifty day moving average price is $107.01 and its 200-day moving average price is $72.62.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same period in the previous year, the business posted $0.07 earnings per share. Credo Technology Group's quarterly revenue was up 179.6% on a year-over-year basis. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CRDO shares. Wall Street Zen cut shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Sunday, August 24th. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the stock a "buy" rating in a research report on Friday, June 13th. Susquehanna lifted their price target on shares of Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a research note on Tuesday, July 22nd. Finally, Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $115.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $92.64.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 150,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $16,030,500.00. Following the sale, the chief executive officer owned 2,061,978 shares of the company's stock, valued at $220,363,588.86. This represents a 6.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 171,473 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the completion of the transaction, the director directly owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. This represents a 21.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,274,583 shares of company stock worth $113,118,257 over the last ninety days. 11.84% of the stock is currently owned by company 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.