Moore Capital Management LP Makes New $9.96 Million Investment in Credo Technology Group Holding Ltd. $CRDO

Moore Capital Management LP purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 36,626 shares of the company’s stock, valued at approximately $9,960,000.

Other large investors have also recently made changes to their positions in the company. Reflection Asset Management acquired a new position in Credo Technology Group during the fourth quarter worth $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group during the 4th quarter worth about $25,000. Orion Capital Management LLC purchased a new position in Credo Technology Group during the 2nd quarter valued at about $27,000. AlphaCentric Advisors LLC acquired a new position in Credo Technology Group in the 1st quarter valued at about $33,000. Finally, Van ECK Associates Corp acquired a new position in Credo Technology Group in the 4th quarter valued at about $37,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares in the company, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 435,076 shares of company stock valued at $101,043,506. 11.84% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. Roth Capital increased their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. TD Cowen boosted their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, August 18th. Rosenblatt Securities reiterated a “neutral” rating and issued a $215.00 price objective on shares of Credo Technology Group in a research note on Monday, August 24th. Finally, Needham & Company LLC lifted their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $268.39.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $232.75 on Monday. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The firm has a market capitalization of $43.74 billion, a PE ratio of 93.85, a price-to-earnings-growth ratio of 1.06 and a beta of 3.23. The business’s fifty day moving average price is $238.64 and its 200 day moving average price is $187.33.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.Credo Technology Group’s revenue for the quarter was up 157.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.20 EPS. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

About Credo Technology Group

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.