Wealth Enhancement Advisory Services LLC Has $7.06 Million Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Credo Technology Group by 907.9% in Q2, now owning 75,419 shares valued at $7.06 million.
• Insider transactions included the CFO and a Director selling significant shares, collectively decreasing their ownership by 0.65% and 4.52% respectively, amounting to over $4 million in sales.
• Despite missing earnings estimates with an EPS of $0.34, Credo's revenues soared by 273.6% year-over-year, signaling strong ongoing growth.

Wealth Enhancement Advisory Services LLC increased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 907.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,419 shares of the company's stock after buying an additional 67,936 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Credo Technology Group were worth $7,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Pallas Capital Advisors LLC acquired a new position in shares of Credo Technology Group in the second quarter valued at approximately $335,000. Triumph Capital Management acquired a new position in shares of Credo Technology Group in the second quarter valued at approximately $733,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Credo Technology Group by 335.8% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,057 shares of the company's stock valued at $190,000 after buying an additional 1,585 shares during the period. City Center Advisors LLC acquired a new position in shares of Credo Technology Group in the second quarter valued at approximately $472,000. Finally, Cullen Investment Group LTD. acquired a new position in shares of Credo Technology Group in the second quarter valued at approximately $437,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $137.55, for a total transaction of $521,314.50. Following the completion of the sale, the chief financial officer owned 576,178 shares of the company's stock, valued at $79,253,283.90. This trade represents a 0.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Lip Bu Tan sold 20,000 shares of the stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $175.12, for a total value of $3,502,400.00. Following the completion of the transaction, the director owned 422,180 shares in the company, valued at approximately $73,932,161.60. This represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 743,915 shares of company stock worth $87,801,495. Corporate insiders own 11.84% of the company's stock.

Credo Technology Group Stock Down 1.1%

Shares of CRDO stock opened at $162.26 on Wednesday. The company has a market cap of $28.07 billion, a price-to-earnings ratio of 242.18 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 52 week low of $28.75 and a 52 week high of $176.70. The firm has a 50 day moving average of $125.51 and a 200-day moving average of $82.78.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CRDO shares. TD Cowen upped their price objective on Credo Technology Group from $140.00 to $160.00 and gave the company a "buy" rating in a research note on Thursday, September 4th. Roth Capital increased their target price on shares of Credo Technology Group from $95.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Stifel Nicolaus set a $155.00 target price on shares of Credo Technology Group in a research report on Thursday, September 4th. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Finally, Susquehanna increased their target price on shares of Credo Technology Group from $115.00 to $165.00 and gave the company a "positive" rating in a research report on Thursday, September 4th. Two analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $126.27.

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.

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