Maxi Investments CY Ltd Invests $1.51 Million in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Maxi Investments CY Ltd opened a new position in Credo Technology Group (NASDAQ:CRDO) in Q4, buying 10,500 shares valued at approximately $1.511 million.
• Insiders sold 386,608 shares worth $50.37 million over the last quarter—including CEO William Brennan (50,000 shares) and CTO Chi Fung Cheng (27,500 shares)—while insiders retain 11.84% ownership and institutions hold 80.46%.
• Credo recently beat quarterly estimates with $1.07 EPS (vs. $0.78 est.) and $407.01M revenue (up 201.5% YoY); analysts have a consensus rating of Moderate Buy with an average target price of $207.71.

Maxi Investments CY Ltd purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,500 shares of the company's stock, valued at approximately $1,511,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRDO. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the third quarter worth about $25,000. Crewe Advisors LLC raised its position in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after buying an additional 106 shares in the last quarter. First Horizon Corp bought a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $26,000. Flagship Harbor Advisors LLC bought a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of recent analyst reports. Zacks Research cut shares of Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. Needham & Company LLC reaffirmed a "buy" rating and issued a $220.00 target price on shares of Credo Technology Group in a report on Wednesday, April 15th. Jefferies Financial Group began coverage on Credo Technology Group in a research note on Monday, April 13th. They issued a "buy" rating and a $175.00 price target on the stock. Weiss Ratings downgraded Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, April 24th. Finally, Roth Mkm reduced their price objective on Credo Technology Group from $250.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $207.71.

Insider Activity

In other news, CEO William Joseph Brennan sold 50,000 shares of the company's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company's stock, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 386,608 shares of company stock valued at $50,371,351 over the last quarter. Corporate insiders own 11.84% of the company's stock.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $188.29 on Friday. The company's 50 day moving average price is $130.21 and its two-hundred day moving average price is $140.68. The firm has a market capitalization of $34.73 billion, a P/E ratio of 104.61 and a beta of 3.17. Credo Technology Group Holding Ltd. has a fifty-two week low of $49.05 and a fifty-two week high of $213.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million during the quarter, compared to analysts' expectations of $385.94 million. During the same period in the prior year, the company earned $0.25 EPS. Credo Technology Group's revenue was up 201.5% compared to the same quarter last year. On average, analysts expect that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Credo Technology Group Profile

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

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