Millennium Management LLC Has $46.98 Million Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Millennium Management LLC grew its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 20.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,470,970 shares of the company’s stock after purchasing an additional 250,027 shares during the period. Millennium Management LLC owned about 0.89% of Credo Technology Group worth $46,983,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. D. E. Shaw & Co. Inc. grew its stake in shares of Credo Technology Group by 9.1% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock valued at $77,660,000 after buying an additional 203,739 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Credo Technology Group in the 2nd quarter valued at approximately $406,000. Cubist Systematic Strategies LLC grew its stake in shares of Credo Technology Group by 1.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 266,083 shares of the company’s stock valued at $8,499,000 after buying an additional 4,902 shares in the last quarter. Xponance Inc. bought a new stake in shares of Credo Technology Group in the 2nd quarter valued at approximately $257,000. Finally, Tairen Capital Ltd bought a new stake in shares of Credo Technology Group in the 2nd quarter valued at approximately $434,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Trading Down 2.7 %

CRDO opened at $29.96 on Wednesday. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $36.80. The stock has a market capitalization of $4.95 billion, a price-to-earnings ratio of -166.44 and a beta of 2.26. The business has a 50 day moving average of $29.50 and a 200-day moving average of $25.68.

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

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at $65,140,753.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider James Laufman sold 20,000 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.36, for a total value of $627,200.00. Following the completion of the transaction, the insider now directly owns 302,466 shares in the company, valued at $9,485,333.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the transaction, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,056,190 shares of company stock worth $31,780,547. 23.89% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CRDO has been the subject of several recent research reports. The Goldman Sachs Group boosted their price target on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Craig Hallum upped their target price on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Barclays upped their target price on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Stifel Nicolaus upped their target price on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

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.