Seven Grand Managers LLC Buys New Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Seven Grand Managers LLC bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 300,000 shares of the company's stock, valued at approximately $5,841,000. Credo Technology Group accounts for approximately 5.6% of Seven Grand Managers LLC's holdings, making the stock its 4th biggest position. Seven Grand Managers LLC owned approximately 0.20% of Credo Technology Group as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Rhumbline Advisers lifted its holdings in Credo Technology Group by 1.1% in the 3rd quarter. Rhumbline Advisers now owns 130,026 shares of the company's stock valued at $1,983,000 after purchasing an additional 1,397 shares in the last quarter. Amalgamated Bank lifted its stake in shares of Credo Technology Group by 9.7% in the fourth quarter. Amalgamated Bank now owns 16,449 shares of the company's stock worth $320,000 after buying an additional 1,454 shares in the last quarter. Strs Ohio boosted its position in Credo Technology Group by 12.7% during the fourth quarter. Strs Ohio now owns 26,700 shares of the company's stock worth $519,000 after acquiring an additional 3,000 shares during the last quarter. Deutsche Bank AG grew its stake in Credo Technology Group by 13.3% during the 3rd quarter. Deutsche Bank AG now owns 51,410 shares of the company's stock valued at $784,000 after acquiring an additional 6,043 shares in the last quarter. Finally, Diversified Trust Co raised its holdings in Credo Technology Group by 31.8% in the 4th quarter. Diversified Trust Co now owns 25,691 shares of the company's stock valued at $500,000 after acquiring an additional 6,196 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Up 2.0 %

CRDO traded up $0.34 during trading on Friday, reaching $17.68. The stock had a trading volume of 1,825,056 shares, compared to its average volume of 1,841,486. The stock has a 50 day moving average of $19.89 and a two-hundred day moving average of $19.46. Credo Technology Group Holding Ltd has a 1-year low of $7.69 and a 1-year high of $23.90. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of -76.87 and a beta of 2.03.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.01. The company had revenue of $53.06 million for the quarter, compared to the consensus estimate of $51.91 million. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The firm's quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 EPS. On average, research analysts forecast that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $22.39, for a total transaction of $335,850.00. Following the transaction, the chief executive officer now owns 3,112,500 shares of the company's stock, valued at approximately $69,688,875. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO William Joseph Brennan sold 15,000 shares of the firm's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $22.39, for a total value of $335,850.00. Following the completion of the sale, the chief executive officer now directly owns 3,112,500 shares in the company, valued at approximately $69,688,875. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 315,601 shares of the business's stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $22.93, for a total value of $7,236,730.93. Following the completion of the sale, the chief operating officer now owns 1,440,000 shares of the company's stock, valued at $33,019,200. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,646,335 shares of company stock worth $35,965,584. Insiders own 23.89% of the company's stock.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Wednesday, February 28th. Needham & Company LLC increased their price objective on Credo Technology Group from $24.00 to $26.00 and gave the stock a "buy" rating in a research report on Wednesday, February 28th. Craig Hallum upped their price target on Credo Technology Group from $28.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, April 15th. Mizuho restated a "buy" rating and issued a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. Finally, TD Cowen upped their price objective on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a "market perform" rating in a report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.25.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.