Wesbanco Bank Inc. Has $624,000 Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Wesbanco Bank Inc. lessened its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 20.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,535 shares of the company's stock after selling 4,000 shares during the period. Wesbanco Bank Inc.'s holdings in Credo Technology Group were worth $624,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Proficio Capital Partners LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $700,000. Charles Schwab Investment Management Inc. grew its position in Credo Technology Group by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock worth $79,289,000 after purchasing an additional 43,169 shares in the last quarter. Vontobel Holding Ltd. raised its stake in Credo Technology Group by 3.4% during the 4th quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock valued at $1,316,000 after purchasing an additional 635 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Credo Technology Group by 7.0% in the fourth quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company's stock valued at $37,798,000 after purchasing an additional 36,949 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company's stock valued at $321,000 after purchasing an additional 411 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

CRDO traded down $0.85 on Friday, hitting $73.49. The company had a trading volume of 4,558,877 shares, compared to its average volume of 3,932,188. Credo Technology Group Holding Ltd has a 1-year low of $22.50 and a 1-year high of $86.69. The company's fifty day moving average price is $53.72 and its 200 day moving average price is $59.34. The stock has a market cap of $12.48 billion, a price-to-earnings ratio of -489.93 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The company had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. During the same period in the previous year, the business posted $0.07 EPS. The company's revenue for the quarter was up 179.6% on a year-over-year basis. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd will post 0.13 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on CRDO. Mizuho dropped their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Bank of America dropped their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Susquehanna reissued a "positive" rating and issued a $90.00 price target (up from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $78.60.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.53, for a total transaction of $3,989,150.00. Following the sale, the chief technology officer now directly owns 7,548,961 shares of the company's stock, valued at approximately $547,526,141.33. The trade was a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Laufman sold 8,000 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the transaction, the insider now owns 271,725 shares of the company's stock, valued at $10,621,730.25. This represents a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 679,594 shares of company stock valued at $35,108,005 in the last quarter. Corporate insiders own 16.04% of the company's stock.

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.