Chung Wu Investment Group LLC Invests $596,000 in Credo Technology Group Holding Ltd. $CRDO

Chung Wu Investment Group LLC bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,095 shares of the company’s stock, valued at approximately $596,000.

Several other hedge funds have also added to or reduced their stakes in CRDO. First Horizon Corp acquired a new position in Credo Technology Group in the 3rd quarter valued at $26,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in shares of Credo Technology Group in the second quarter valued at about $27,000. Park Place Capital Corp acquired a new position in shares of Credo Technology Group in the third quarter valued at about $41,000. Cullen Frost Bankers Inc. increased its position in Credo Technology Group by 278.4% during the second quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock worth $44,000 after acquiring an additional 348 shares during the period. Finally, Midwest Capital Advisors LLC acquired a new stake in Credo Technology Group in the 3rd quarter worth about $45,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRDO. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Needham & Company LLC lifted their price objective on Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. TD Cowen reissued a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Credo Technology Group in a research report on Friday, October 17th. They set an “overweight” rating and a $165.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Credo Technology Group has an average rating of “Buy” and a consensus price target of $216.54.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $143.41, for a total value of $7,887,550.00. Following the completion of the transaction, the chief technology officer owned 6,448,961 shares of the company’s stock, valued at $924,845,497.01. This represents a 0.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 370,000 shares of Credo Technology Group stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value of $56,680,300.00. Following the sale, the chief operating officer directly owned 400,000 shares in the company, valued at $61,276,000. The trade was a 48.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 822,460 shares of company stock worth $124,493,784. Insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Down 3.2%

CRDO stock opened at $125.28 on Friday. The firm has a 50-day moving average price of $150.50 and a 200-day moving average price of $141.83. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80. The stock has a market capitalization of $22.63 billion, a P/E ratio of 109.90 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.07 EPS. As a group, equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Credo Technology Group Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.