Magnetar Financial LLC Takes $2.29 Million Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Magnetar Financial LLC has acquired a new stake in Credo Technology Group, purchasing 56,887 shares valued at approximately $2.3 million during the first quarter.
• Several brokerages have raised their price targets for Credo Technology Group, with Mizuho increasing theirs to $135.00 and Barclays setting a target of $85.00.
• Credo Technology Group's stock has experienced significant insider selling, with key executives selling over $20 million worth of shares in recent transactions.

Magnetar Financial LLC purchased a new position 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 Securities & Exchange Commission. The institutional investor purchased 56,887 shares of the company's stock, valued at approximately $2,285,000.

Several other institutional investors and hedge funds also recently modified their holdings of CRDO. Larson Financial Group LLC raised its position in shares of Credo Technology Group by 21.5% during the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after purchasing an additional 245 shares during the period. Operose Advisors LLC grew its holdings in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after buying an additional 252 shares in the last quarter. Calamos Advisors LLC lifted its position in Credo Technology Group by 3.1% in the 1st quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock worth $698,000 after buying an additional 529 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group in the 1st quarter worth approximately $25,000. Finally, KBC Group NV lifted its position in Credo Technology Group by 11.7% in the 1st quarter. KBC Group NV now owns 6,324 shares of the company's stock worth $254,000 after buying an additional 663 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.12, for a total transaction of $5,891,600.00. Following the completion of the sale, the chief technology officer owned 7,108,961 shares of the company's stock, valued at approximately $761,511,902.32. This trade represents a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $97.29, for a total transaction of $368,729.10. Following the completion of the sale, the chief financial officer owned 582,428 shares of the company's stock, valued at $56,664,420.12. The trade was a 0.65% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,274,583 shares of company stock valued at $113,118,257. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded up $0.50 during mid-day trading on Wednesday, hitting $124.77. The company had a trading volume of 7,867,288 shares, compared to its average volume of 5,168,583. The business's 50-day simple moving average is $107.01 and its 200-day simple moving average is $72.62. Credo Technology Group Holding Ltd. has a 12 month low of $24.08 and a 12 month high of $134.35. The firm has a market cap of $21.58 billion, a P/E ratio of 462.11, a PEG ratio of 2.21 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released 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 company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same period last year, the firm earned $0.07 EPS. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. TD Cowen increased their target price on shares of Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Needham & Company LLC increased 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. Cowen restated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Mizuho increased their price objective on Credo Technology Group from $112.00 to $135.00 and gave the stock an "outperform" rating in a report on Thursday, August 14th. Finally, Barclays set a $85.00 price objective on Credo Technology Group and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $92.64.

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.