Harvest Fund Management Co. Ltd Sells 14,349 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Harvest Fund Management Co. Ltd reduced its stake in Credo Technology Group by 47.3%, selling 14,349 shares to bring its total holdings to 16,000 shares valued at $642,000.
• Credo Technology Group reported a quarterly EPS of $0.35, exceeding analysts' expectations, with revenue increasing by 179.6% year-over-year to $170 million.
• On June 3rd, analyst firms gave Credo Technology Group various ratings, with Noble Financial labeling it a "strong-buy" and setting a consensus price target of $87.91.

Harvest Fund Management Co. Ltd reduced its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 47.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,000 shares of the company's stock after selling 14,349 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Credo Technology Group were worth $642,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Credo Technology Group during the first quarter valued at about $27,000. Quarry LP bought a new position in shares of Credo Technology Group during the fourth quarter valued at about $58,000. CIBC Private Wealth Group LLC grew its stake in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after buying an additional 348 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Credo Technology Group during the fourth quarter valued at about $82,000. Finally, Ritter Daniher Financial Advisory LLC DE purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $87,000. 80.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a "buy" rating in a research note on Friday, June 13th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Needham & Company LLC raised their target price on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Susquehanna raised their target price on 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 raised their target price on Credo Technology Group from $80.00 to $115.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of "Buy" and an average price target of $87.91.

Credo Technology Group Price Performance

CRDO traded down $3.99 on Friday, hitting $107.56. The company had a trading volume of 5,720,481 shares, compared to its average volume of 4,368,522. The stock has a fifty day simple moving average of $87.46 and a 200-day simple moving average of $65.84. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $118.95. The firm has a market capitalization of $18.46 billion, a P/E ratio of 398.37, a P/E/G ratio of 2.00 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same period last year, the business earned $0.07 earnings per share. The business's revenue was up 179.6% on a year-over-year basis. Equities research analysts expect 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 171,473 shares of Credo Technology Group stock in a transaction that occurred 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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the completion of the sale, the chief technology officer directly owned 7,603,961 shares of the company's stock, valued at approximately $569,992,916.56. This trade represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,021,264 shares of company stock valued at $86,032,061. 16.04% of the stock is owned by company insiders.

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.