Lisanti Capital Growth LLC Sells 72,500 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Lisanti Capital Growth LLC lessened its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 92.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,070 shares of the company's stock after selling 72,500 shares during the period. Lisanti Capital Growth LLC's holdings in Credo Technology Group were worth $244,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in Credo Technology Group during the 1st quarter worth about $27,000. Quarry LP acquired a new position in shares of Credo Technology Group during the fourth quarter worth about $58,000. Plato Investment Management Ltd bought a new position in shares of Credo Technology Group during the fourth quarter worth about $61,000. CIBC Private Wealth Group LLC lifted its stake in Credo Technology Group by 51.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after acquiring an additional 348 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new stake in Credo Technology Group in the 4th quarter valued at approximately $82,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms 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 on the stock in a report on Thursday, April 3rd. Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the company a "buy" rating in a research note on Friday, June 13th. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. TD Cowen raised their price objective on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Finally, Susquehanna reaffirmed a "positive" rating and issued a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Twelve analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $81.00.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $93.49 on Monday. The company's 50-day moving average is $63.42 and its 200-day moving average is $60.98. The firm has a market capitalization of $15.87 billion, a PE ratio of 346.26, a P/E/G ratio of 1.68 and a beta of 2.42. Credo Technology Group Holding Ltd. has a fifty-two week low of $22.50 and a fifty-two week high of $95.71.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The firm had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The business's revenue was up 179.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.07 earnings per share. As a group, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $43.08, for a total value of $430,800.00. Following the transaction, the chief operating officer now directly owns 2,792,447 shares of the company's stock, valued at $120,298,616.76. This represents a 0.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the sale, the insider now directly owns 271,725 shares of the company's stock, valued at $10,621,730.25. The trade was a 2.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,096,139 shares of company stock worth $72,967,963. Company insiders own 16.04% of the company's stock.

Credo Technology Group Company 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.

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