GSA Capital Partners LLP Invests $671,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

GSA Capital Partners LLP purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 21,798 shares of the company’s stock, valued at approximately $671,000.

Other large investors also recently added to or reduced their stakes in the company. Allworth Financial LP grew its position in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in Credo Technology Group in the 2nd quarter worth about $29,000. Fifth Third Bancorp increased its stake in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares in the last quarter. Covestor Ltd raised its holdings in shares of Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after acquiring an additional 1,924 shares during the last quarter. Finally, CWM LLC lifted its position in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Down 5.1 %

NASDAQ:CRDO opened at $39.76 on Monday. The company has a market capitalization of $6.60 billion, a P/E ratio of -248.50 and a beta of 2.19. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $48.94. The stock’s fifty day moving average is $35.62 and its two-hundred day moving average is $30.12.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The company had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Sell-side analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider James Laufman sold 20,000 shares of the stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $31.36, for a total transaction of $627,200.00. Following the transaction, the insider now owns 302,466 shares of the company’s stock, valued at approximately $9,485,333.76. This represents a 6.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the transaction, the director now directly owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,324,817 shares of company stock valued at $43,552,936. Company insiders own 16.04% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the subject of several research reports. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Roth Mkm raised their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Barclays raised their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Finally, Craig Hallum increased their price target on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.56.

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.