Lisanti Capital Growth LLC Takes $1.11 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Lisanti Capital Growth LLC purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 57,195 shares of the company’s stock, valued at approximately $1,114,000.

Several other large investors have also made changes to their positions in the company. Asset Management One Co. Ltd. bought a new stake in Credo Technology Group during the third quarter worth $95,000. Quadrature Capital Ltd acquired a new stake in Credo Technology Group in the third quarter valued at about $166,000. Victory Capital Management Inc. bought a new position in Credo Technology Group in the third quarter valued at about $179,000. Glenmede Trust Co. NA acquired a new position in Credo Technology Group during the third quarter worth about $215,000. Finally, Amalgamated Bank lifted its holdings in shares of Credo Technology Group by 9.7% in the fourth quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after acquiring an additional 1,454 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Ratings Changes

CRDO has been the topic of several research reports. Craig Hallum lifted their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 15th. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Mizuho restated a “buy” rating and set a $30.00 price objective (up previously from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. Needham & Company LLC increased their target price on Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Finally, TD Cowen boosted their price target on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $24.25.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded down $0.04 during midday trading on Tuesday, reaching $17.21. The company had a trading volume of 2,622,108 shares, compared to its average volume of 2,111,594. The firm has a market cap of $2.81 billion, a PE ratio of -74.83 and a beta of 2.03. The stock has a fifty day moving average price of $20.26 and a 200 day moving average price of $19.37. Credo Technology Group Holding Ltd has a fifty-two week low of $7.44 and a fifty-two week high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $53.06 million for the quarter, compared to the consensus estimate of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.02 EPS. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $21.17, for a total transaction of $1,164,350.00. Following the sale, the chief technology officer now owns 10,158,602 shares in the company, valued at approximately $215,057,604.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $20.93, for a total transaction of $209,300.00. Following the transaction, the chief operating officer now owns 3,065,968 shares in the company, valued at $64,170,710.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $21.17, for a total value of $1,164,350.00. Following the completion of the sale, the chief technology officer now owns 10,158,602 shares of the company’s stock, valued at $215,057,604.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,646,335 shares of company stock valued at $35,965,584. Corporate insiders own 23.89% of the company’s stock.

Credo Technology Group Profile

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.