Harbor Capital Advisors Inc. Makes New Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Harbor Capital Advisors Inc. acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 43,802 shares of the company's stock, valued at approximately $1,759,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Kraematon Investment Advisors Inc. acquired a new position in Credo Technology Group during the 1st quarter worth approximately $389,000. Rhumbline Advisers lifted its position in Credo Technology Group by 4.9% during the 1st quarter. Rhumbline Advisers now owns 205,046 shares of the company's stock worth $8,235,000 after acquiring an additional 9,615 shares in the last quarter. Summit Global Investments acquired a new position in Credo Technology Group during the 1st quarter worth approximately $390,000. GAMMA Investing LLC lifted its position in Credo Technology Group by 8,072.2% during the 1st quarter. GAMMA Investing LLC now owns 79,597 shares of the company's stock worth $3,197,000 after acquiring an additional 78,623 shares in the last quarter. Finally, Fire Capital Management LLC acquired a new position in Credo Technology Group during the 4th quarter worth approximately $569,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 7.7%

CRDO traded up $5.68 during trading on Monday, reaching $79.17. 6,173,945 shares of the company were exchanged, compared to its average volume of 3,941,213. The stock has a market cap of $13.44 billion, a P/E ratio of -527.80 and a beta of 2.42. The firm has a 50 day moving average of $54.60 and a 200 day moving average of $59.65. Credo Technology Group Holding Ltd has a 52 week low of $22.50 and a 52 week high of $86.69.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping 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%. The firm's revenue was up 179.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.07 EPS. As a group, analysts forecast that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 3,527 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $76.05, for a total transaction of $268,228.35. Following the completion of the transaction, the director now owns 785,198 shares in the company, valued at approximately $59,714,307.90. The trade was a 0.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $40.75, for a total value of $154,442.50. Following the transaction, the chief financial officer now owns 608,602 shares of the company's stock, valued at $24,800,531.50. This trade represents a 0.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 728,121 shares of company stock worth $40,308,283 in the last three months. 16.04% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on CRDO. Roth Capital set a $95.00 price target on Credo Technology Group and gave the stock a "buy" rating in a research report on Friday. Cowen restated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Mizuho dropped their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Needham & Company LLC lifted their price objective on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Bank of America dropped their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $80.09.

Credo Technology Group 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.