Rezny Wealth Management Inc. Takes Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Rezny Wealth Management Inc. acquired 23,115 shares of Credo Technology Group, valued at approximately $928,000, during the first quarter of the year.
• Company insiders have recently sold a significant amount of stock, with CEO William Joseph Brennan selling 150,000 shares for around $16 million.
• Analysts have a positive outlook on Credo Technology Group, with multiple firms increasing their price targets and a majority rating the stock as a "buy".

Rezny Wealth Management Inc. bought a new stake 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 and Exchange Commission. The fund bought 23,115 shares of the company's stock, valued at approximately $928,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group in the 1st quarter valued at about $27,000. Harbour Investments Inc. acquired a new position in shares of Credo Technology Group during the 1st quarter valued at about $29,000. Optimum Investment Advisors acquired a new position in shares of Credo Technology Group during the 1st quarter valued at about $52,000. Larson Financial Group LLC increased its stake in shares of Credo Technology Group by 21.5% during the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after acquiring an additional 245 shares during the last quarter. Finally, Quarry LP acquired a new position in shares of Credo Technology Group during the 4th quarter valued at about $58,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Performance

CRDO traded up $0.63 on Friday, reaching $120.41. 2,917,546 shares of the company's stock were exchanged, compared to its average volume of 4,330,842. The company's 50 day moving average is $92.86 and its 200-day moving average is $67.09. The company has a market cap of $20.67 billion, a price-to-earnings ratio of 445.96, a PEG ratio of 2.16 and a beta of 2.59. Credo Technology Group Holding Ltd. has a twelve month low of $24.08 and a twelve month high of $121.50.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The firm 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 company's revenue was up 179.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 EPS. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Activity

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.00, for a total value of $200,625.00. Following the completion of the sale, the director owned 5,898,652 shares of the company's stock, valued at $631,155,764. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 46,444 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $4,963,470.28. Following the completion of the sale, the chief executive officer directly owned 393,338 shares of the company's stock, valued at $42,036,032.06. This trade represents a 10.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,274,583 shares of company stock worth $113,118,257 over the last three months. Insiders own 16.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CRDO shares. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Mizuho upped their price objective on shares of Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Finally, Wall Street Zen downgraded shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Credo Technology Group presently has an average rating of "Buy" and a consensus price target of $87.91.

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.