Wealthcare Advisory Partners LLC Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Wealthcare Advisory Partners LLC has made a new investment in Credo Technology Group, purchasing 2,594 shares valued at approximately $240,000 in the second quarter of the year.
• Insider trading activity includes Director Lip Bu Tan selling 20,000 shares for over $3.5 million, and CEO William Joseph Brennan selling 9,476 shares worth approximately $1.3 million.
• Credo Technology Group's stock has seen a significant drop of 8.2%, with a current market cap of $24.02 billion and a reported earnings miss for the last quarter.

Wealthcare Advisory Partners LLC bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,594 shares of the company's stock, valued at approximately $240,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Janney Montgomery Scott LLC boosted its holdings in shares of Credo Technology Group by 27.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock valued at $270,000 after purchasing an additional 1,467 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Credo Technology Group by 850.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 4,135 shares of the company's stock valued at $383,000 after purchasing an additional 3,700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Credo Technology Group in the 1st quarter valued at $27,000. Teacher Retirement System of Texas boosted its holdings in shares of Credo Technology Group by 464.4% in the 1st quarter. Teacher Retirement System of Texas now owns 34,987 shares of the company's stock valued at $1,405,000 after purchasing an additional 28,788 shares during the last quarter. Finally, Congress Asset Management Co. acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at $3,509,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Credo Technology Group

In related news, Director Lip Bu Tan sold 20,000 shares of the business's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $175.12, for a total transaction of $3,502,400.00. Following the completion of the sale, the director owned 422,180 shares of the company's stock, valued at $73,932,161.60. This represents a 4.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 9,476 shares of the business's stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $140.06, for a total transaction of $1,327,208.56. Following the sale, the chief executive officer directly owned 347,399 shares of the company's stock, valued at approximately $48,656,703.94. This represents a 2.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 997,181 shares of company stock worth $131,069,480. 11.84% of the stock is owned by company insiders.

Credo Technology Group Stock Down 8.2%

Shares of NASDAQ:CRDO opened at $138.83 on Friday. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $176.70. The firm has a 50-day simple moving average of $136.63 and a 200 day simple moving average of $91.42. The company has a market cap of $24.02 billion, a PE ratio of 207.21 and a beta of 2.60.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on CRDO shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Credo Technology Group in a report on Wednesday. Zacks Research upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, September 8th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. Barclays restated an "overweight" rating and set a $165.00 target price on shares of Credo Technology Group in a report on Tuesday. Finally, Roth Capital restated a "buy" rating and set a $170.00 target price on shares of Credo Technology Group in a report on Tuesday, September 30th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group has a consensus rating of "Buy" and a consensus target price of $128.55.

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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