F M Investments LLC purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 19,981 shares of the company’s stock, valued at approximately $638,000.
A number of other institutional investors have also recently made changes to their positions in the stock. Panagora Asset Management Inc. grew its position in Credo Technology Group by 12.0% in the second quarter. Panagora Asset Management Inc. now owns 597,793 shares of the company’s stock worth $19,094,000 after acquiring an additional 63,875 shares in the last quarter. RiverPark Advisors LLC bought a new stake in Credo Technology Group during the second quarter worth about $175,000. Bank of New York Mellon Corp boosted its holdings in shares of Credo Technology Group by 62.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company’s stock worth $20,913,000 after purchasing an additional 252,349 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the last quarter. Finally, SeaCrest Wealth Management LLC purchased a new position in shares of Credo Technology Group during the 2nd quarter valued at about $362,000. Institutional investors own 80.46% of the company’s stock.
Insider Buying and Selling
In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $28.99, for a total value of $1,594,450.00. Following the completion of the transaction, the chief technology officer now directly owns 9,553,602 shares in the company, valued at approximately $276,958,921.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 Thursday, June 13th. The stock was sold at an average price of $28.99, for a total transaction of $1,594,450.00. Following the sale, the chief technology officer now directly owns 9,553,602 shares of the company’s stock, valued at approximately $276,958,921.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46. Following the transaction, the director now owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. The disclosure for this sale can be found here. Insiders sold 886,678 shares of company stock valued at $26,885,494 over the last quarter. 23.89% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
Read Our Latest Analysis on CRDO
Credo Technology Group Price Performance
NASDAQ CRDO opened at $34.91 on Friday. The business’s 50-day moving average is $30.40 and its 200 day moving average is $24.61. The stock has a market capitalization of $5.77 billion, a PE ratio of -193.94 and a beta of 2.23. Credo Technology Group Holding Ltd has a 1 year low of $13.38 and a 1 year high of $36.80.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The business had revenue of $60.78 million during the quarter, compared to the consensus estimate of $60.50 million. Credo Technology Group had a negative return on equity of 4.51% and a negative net margin of 14.70%. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current year.
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.
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