Discovery Capital Management LLC CT Decreases Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Discovery Capital Management LLC CT reduced its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 63.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 357,406 shares of the company’s stock after selling 607,500 shares during the period. Credo Technology Group accounts for about 1.5% of Discovery Capital Management LLC CT’s holdings, making the stock its 20th biggest position. Discovery Capital Management LLC CT owned 0.22% of Credo Technology Group worth $11,416,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nkcfo LLC acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at $639,000. Thrivent Financial for Lutherans lifted its position in Credo Technology Group by 110.6% in the second quarter. Thrivent Financial for Lutherans now owns 82,653 shares of the company’s stock valued at $2,640,000 after acquiring an additional 43,411 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Credo Technology Group by 48.2% in the second quarter. Hsbc Holdings PLC now owns 74,199 shares of the company’s stock valued at $2,374,000 after acquiring an additional 24,116 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Credo Technology Group during the second quarter worth about $3,654,000. Finally, Andar Capital Management HK Ltd acquired a new stake in shares of Credo Technology Group during the second quarter worth about $2,012,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CRDO shares. Craig Hallum raised their price target on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Needham & Company LLC upped their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Bank of America increased their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. Finally, The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the completion of the transaction, the chief technology officer now directly owns 9,058,602 shares of the company’s stock, valued at approximately $255,633,748.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the transaction, the chief technology officer now directly owns 9,058,602 shares of the company’s stock, valued at approximately $255,633,748.44. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 45,476 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the transaction, the director now owns 39,736 shares in the company, valued at $1,262,015.36. The disclosure for this sale can be found here. Insiders sold 981,190 shares of company stock valued at $29,521,497 over the last ninety days. Corporate insiders own 23.89% of the company’s stock.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $29.18 on Monday. The company has a market cap of $4.82 billion, a P/E ratio of -162.11 and a beta of 2.26. The firm has a fifty day moving average of $29.56 and a two-hundred day moving average of $25.28. Credo Technology Group Holding Ltd has a one year low of $13.38 and a one year high of $36.80.

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.