57,195 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Bought by Lisanti Capital Growth LLC

Lisanti Capital Growth LLC acquired a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, HoldingsChannel reports. The fund acquired 57,195 shares of the company’s stock, valued at approximately $1,114,000.

Other institutional investors have also added to or reduced their stakes in the company. Carnegie Capital Asset Management LLC raised its stake in Credo Technology Group by 19.4% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock worth $5,714,000 after buying an additional 47,650 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Credo Technology Group in the third quarter worth $2,028,000. Vanguard Group Inc. raised its holdings in Credo Technology Group by 31.3% in the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after purchasing an additional 2,993,303 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 17.7% during the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after buying an additional 1,299,600 shares during the period. Finally, Moody Aldrich Partners LLC boosted its holdings in shares of Credo Technology Group by 67.8% during the 4th quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock valued at $3,947,000 after buying an additional 81,904 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CRDO. Craig Hallum increased their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Needham & Company LLC upped their price target on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Mizuho reiterated a “buy” rating and set a $30.00 price objective (up previously from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Finally, TD Cowen increased their target price on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 46,321 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $22.52, for a total value of $1,043,148.92. Following the transaction, the chief operating officer now directly owns 1,875,493 shares of the company’s stock, valued at $42,236,102.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Credo Technology Group news, CEO William Joseph Brennan sold 15,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $22.39, for a total transaction of $335,850.00. Following the completion of the sale, the chief executive officer now owns 3,112,500 shares of the company’s stock, valued at $69,688,875. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 46,321 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $22.52, for a total value of $1,043,148.92. Following the completion of the transaction, the chief operating officer now directly owns 1,875,493 shares in the company, valued at approximately $42,236,102.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,646,335 shares of company stock worth $35,965,584. 23.89% of the stock is owned by insiders.

Credo Technology Group Stock Performance

Shares of CRDO stock traded down $0.04 during mid-day trading on Tuesday, hitting $17.21. The company’s stock had a trading volume of 2,622,108 shares, compared to its average volume of 2,111,594. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of -74.83 and a beta of 2.03. Credo Technology Group Holding Ltd has a 52-week low of $7.44 and a 52-week high of $23.90. The business has a 50-day moving average price of $20.26 and a 200 day moving average price of $19.37.

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

Credo Technology Group Profile

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.