Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by nVerses Capital LLC

nVerses Capital LLC cut its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 84.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,300 shares of the company’s stock after selling 6,900 shares during the period. nVerses Capital LLC’s holdings in Credo Technology Group were worth $40,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Swedbank AB boosted its holdings in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Credo Technology Group by 11.3% during the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after buying an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC bought a new stake in shares of Credo Technology Group in the first quarter worth $22,535,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Credo Technology Group by 290.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock valued at $25,096,000 after acquiring an additional 881,344 shares in the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in Credo Technology Group during the 1st quarter valued at $17,847,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $27.33, for a total transaction of $1,503,150.00. Following the completion of the transaction, the chief technology officer now directly owns 9,223,602 shares in the company, valued at approximately $252,081,042.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $27.67, for a total transaction of $276,700.00. Following the transaction, the chief operating officer now owns 2,807,777 shares of the company’s stock, valued at approximately $77,691,189.59. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $27.33, for a total transaction of $1,503,150.00. Following the sale, the chief technology officer now owns 9,223,602 shares in the company, valued at $252,081,042.66. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,389,817 shares of company stock worth $43,755,386. 23.89% of the stock is owned by company insiders.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $39.70 on Wednesday. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $40.37. The business has a 50 day simple moving average of $32.14 and a 200 day simple moving average of $27.29. The firm has a market capitalization of $6.56 billion, a P/E ratio of -220.56 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) 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 firm had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Research analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CRDO shares. Mizuho boosted their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Roth Mkm upped their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday. The Goldman Sachs Group increased their target price on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Bank of America boosted their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a report on Thursday, September 5th. Finally, TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.56.

Credo Technology Group 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.