Praxis Investment Management Inc. Sells 6,690 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Praxis Investment Management Inc. reduced its holdings in Credo Technology Group by 46.9%, selling 6,690 shares, and now owns 7,560 shares worth approximately $700,000.
• Credo Technology Group's stock recently opened at $143.61 and has experienced a 5.2% increase, with a market cap of approximately $24.84 billion.
• Despite missing earnings estimates in their latest report, Credo's revenue surged by 273.6% year over year, totaling $223.07 million for the quarter.

Praxis Investment Management Inc. lowered its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 46.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,560 shares of the company's stock after selling 6,690 shares during the period. Praxis Investment Management Inc.'s holdings in Credo Technology Group were worth $700,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in CRDO. Operose Advisors LLC lifted its stake in Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after acquiring an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Credo Technology Group in the first quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group in the first quarter valued at $27,000. Harbour Investments Inc. acquired a new stake in Credo Technology Group in the first quarter valued at $29,000. Finally, Virtus Advisers LLC acquired a new stake in Credo Technology Group in the first quarter valued at $31,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Up 5.2%

Shares of Credo Technology Group stock opened at $143.61 on Friday. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $176.70. The company has a 50-day simple moving average of $138.80 and a two-hundred day simple moving average of $94.74. The stock has a market capitalization of $24.84 billion, a price-to-earnings ratio of 214.34 and a beta of 2.60.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The business had revenue of $223.07 million during the quarter, compared to analyst estimates of $190.63 million. During the same quarter last year, the firm earned $0.04 EPS. Credo Technology Group's revenue for the quarter was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In other Credo Technology Group news, CEO William Joseph Brennan sold 150,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $16,030,500.00. Following the transaction, the chief executive officer directly owned 2,061,978 shares of the company's stock, valued at $220,363,588.86. This trade represents a 6.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 112,580 shares of the firm's stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following the completion of the transaction, the chief financial officer directly owned 458,678 shares in the company, valued at approximately $63,389,299.60. This represents a 19.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,006,589 shares of company stock valued at $135,192,863 in the last 90 days. 11.84% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on CRDO. Zacks Research upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 8th. William Blair initiated coverage on shares of Credo Technology Group in a research note on Thursday, September 18th. They issued an "outperform" rating for the company. Cowen restated a "buy" rating on shares of Credo Technology Group in a research note on Thursday, September 4th. Roth Capital restated a "buy" rating and set a $170.00 target price on shares of Credo Technology Group in a research note on Tuesday, September 30th. Finally, TD Cowen initiated coverage on shares of Credo Technology Group in a research note on Wednesday, October 1st. They set a "buy" rating and a $170.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of "Buy" and a consensus target price of $131.58.

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.

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