Aigen Investment Management LP Invests $271,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Aigen Investment Management LP purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the third quarter, HoldingsChannel.com reports. The firm purchased 8,792 shares of the company’s stock, valued at approximately $271,000.

A number of other hedge funds also recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at approximately $29,000. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at approximately $30,000. Fifth Third Bancorp increased its stake in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the last quarter. Finally, CWM LLC raised its holdings in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the transaction, the chief operating officer now owns 2,885,840 shares of the company’s stock, valued at $79,908,909.60. The trade was a 0.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the sale, the chief technology officer now owns 8,728,602 shares of the company’s stock, valued at approximately $413,473,876.74. The trade was a 0.63 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,379,817 shares of company stock worth $45,262,336. Corporate insiders own 16.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CRDO shares. Bank of America upped their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Mizuho lifted their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group raised their price objective on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Craig Hallum increased their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.56.

Credo Technology Group Trading Down 5.1 %

Shares of NASDAQ CRDO opened at $39.76 on Friday. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $48.94. The business has a 50-day moving average price of $35.62 and a two-hundred day moving average price of $30.03. The firm has a market capitalization of $6.60 billion, a PE ratio of -248.50 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data 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 return on equity of 3.74% and a negative net margin of 12.05%. The firm had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. Research analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

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.