MKP Capital Management L.L.C. Acquires 9,550 Shares of Credo Technology Group Holding Ltd. $CRDO

MKP Capital Management L.L.C. lifted its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 91.4% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,000 shares of the company’s stock after buying an additional 9,550 shares during the period. Credo Technology Group comprises about 0.1% of MKP Capital Management L.L.C.’s portfolio, making the stock its 20th biggest holding. MKP Capital Management L.L.C.’s holdings in Credo Technology Group were worth $3,896,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of America Corp DE boosted its stake in Credo Technology Group by 13.7% in the second quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock valued at $593,603,000 after buying an additional 262,479 shares in the last quarter. Atreides Management LP raised its stake in Credo Technology Group by 3.5% during the second quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock worth $307,109,000 after acquiring an additional 38,052 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of Credo Technology Group by 222.5% in the third quarter. Pictet Asset Management Holding SA now owns 740,487 shares of the company’s stock worth $144,170,000 after acquiring an additional 510,905 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Credo Technology Group by 192.1% in the first quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock worth $98,290,000 after acquiring an additional 688,596 shares during the last quarter. Finally, Value Aligned Research Advisors LLC bought a new position in shares of Credo Technology Group in the second quarter worth about $91,919,000. 80.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CRDO shares. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Mizuho lowered their price objective on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a research report on Monday, September 21st. TD Cowen increased their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Stifel Nicolaus cut their target price on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $262.67.

Credo Technology Group Trading Down 2.3%

NASDAQ:CRDO opened at $129.80 on Wednesday. The stock has a market cap of $24.40 billion, a P/E ratio of 46.19, a price-to-earnings-growth ratio of 0.53 and a beta of 3.29. The stock’s 50-day moving average is $174.75 and its 200-day moving average is $180.23. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The business had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. During the same quarter last year, the business earned $0.52 EPS. The firm’s quarterly revenue was up 114.7% on a year-over-year basis. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Insider Activity

In other Credo Technology Group news, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total value of $4,513,300.00. Following the completion of the transaction, the chief technology officer directly owned 5,552,397 shares in the company, valued at approximately $911,259,395.64. This represents a 0.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel Fleming sold 7,580 shares of the firm’s stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $212.91, for a total transaction of $1,613,857.80. Following the transaction, the chief financial officer directly owned 492,208 shares of the company’s stock, valued at $104,796,005.28. The trade was a 1.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 352,538 shares of company stock worth $67,200,077. Company insiders own 9.06% of the company’s stock.

More Credo Technology Group News

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo’s revenue more than doubled year over year in its latest reported quarter, and the company has maintained a long streak of earnings beats. Analysts have reportedly raised estimates, supporting the case that its AI-connectivity business could continue growing. Article: Wall Street May Be Underestimating This AI Chip Stock’s Next Growth Phase
• Positive Sentiment: Credo and Oracle helped advance two Open Compute Project optical telemetry standards intended to improve monitoring and reliability in AI data-center networks. The development reinforces the company’s position in AI infrastructure. Article: Credo Technology Group Helped Set New AI Network Standards
• Neutral Sentiment: CRDO previously rebounded amid a broad technology rally and dip-buying after a sharp selloff. Reports suggested the move reflected renewed interest in its AI-networking outlook and recent results, rather than a single new catalyst. Article: Credo Technology Advances Amid Broad Tech Rally
• Negative Sentiment: Despite rapid growth, Credo depends on a small number of large AI customers, leaving results exposed to changes in their spending. Articles also question whether its valuation still leaves room for gains amid concerns about the AI trade. Article: Is Credo Technology Stock a Buy Right Now?
• Negative Sentiment: Reported insider transactions show sales and no purchases over the past six months, which may add to investor caution. The stock has also fallen substantially from its peak, suggesting the market is reassessing its growth expectations and valuation.

Credo Technology Group Profile

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments. The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.