Truvestments Capital LLC Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Truvestments Capital LLC has acquired a new stake in Credo Technology Group, buying 14,784 shares valued at approximately $594,000 during the first quarter.
• Institutional investors collectively own 80.46% of Credo Technology Group’s stock, with notable increases in holdings by companies like Janney Montgomery Scott LLC and Teacher Retirement System of Texas.
• Credo Technology Group reported $0.35 EPS for the most recent quarter, exceeding analysts' estimates, with a revenue increase of 179.6% year-over-year, signaling strong company performance.

Truvestments Capital LLC purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 14,784 shares of the company's stock, valued at approximately $594,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Operose Advisors LLC lifted its position in Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after buying an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in Credo Technology Group during the 1st quarter worth about $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group during the 1st quarter worth about $27,000. Harbour Investments Inc. acquired a new position in Credo Technology Group during the 1st quarter worth about $29,000. Finally, Virtus Advisers LLC acquired a new position in Credo Technology Group during the 1st quarter worth about $31,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 46,444 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $106.87, for a total transaction of $4,963,470.28. Following the completion of the transaction, the chief executive officer owned 393,338 shares of the company's stock, valued at $42,036,032.06. This represents a 10.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $107.12, for a total value of $5,891,600.00. Following the transaction, the chief technology officer directly 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 position. The disclosure for this sale can be found here. Insiders sold a total of 1,274,583 shares of company stock valued at $113,118,257 in the last quarter. 11.84% of the stock is owned by company insiders.

Credo Technology Group Stock Performance

NASDAQ CRDO traded down $1.54 during trading hours on Tuesday, reaching $121.52. 3,687,396 shares of the company's stock were exchanged, compared to its average volume of 5,143,054. The company's 50-day moving average is $106.36 and its two-hundred day moving average is $72.26. Credo Technology Group Holding Ltd. has a one year low of $24.08 and a one year high of $134.35. The company has a market capitalization of $21.02 billion, a price-to-earnings ratio of 450.35, a price-to-earnings-growth ratio of 2.21 and a beta of 2.59.

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. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%.The business had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same period in the prior year, the business earned $0.07 EPS. Credo Technology Group's revenue for the quarter was up 179.6% compared to the same quarter last year. Research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on CRDO shares. Roth Capital set a $95.00 target price on shares of Credo Technology Group and gave the company a "buy" rating in a research report on Friday, June 13th. Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Susquehanna upped their target price on shares of Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a research report on Tuesday, July 22nd. Needham & Company LLC upped their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Finally, Stifel Nicolaus upped their price target on Credo Technology Group from $115.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $92.64.

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.