Numerai GP LLC Cuts Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Numerai GP LLC trimmed its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 87.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,415 shares of the company’s stock after selling 108,561 shares during the period. Numerai GP LLC’s holdings in Credo Technology Group were worth $1,036,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CRDO. Franklin Resources Inc. boosted its position in Credo Technology Group by 17.9% during the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock valued at $2,250,000 after buying an additional 11,065 shares during the period. JPMorgan Chase & Co. boosted its position in Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the period. SeaCrest Wealth Management LLC boosted its position in Credo Technology Group by 63.0% during the fourth quarter. SeaCrest Wealth Management LLC now owns 19,985 shares of the company’s stock valued at $1,343,000 after buying an additional 7,724 shares during the period. Sara Bay Financial bought a new position in shares of Credo Technology Group during the fourth quarter valued at about $320,000. Finally, HB Wealth Management LLC bought a new position in shares of Credo Technology Group during the fourth quarter valued at about $262,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $46.01, for a total transaction of $86,268.75. Following the completion of the transaction, the director now owns 5,900,527 shares of the company’s stock, valued at approximately $271,483,247.27. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the transaction, the chief technology officer now directly owns 7,663,602 shares of the company’s stock, valued at $368,006,168.04. This represents a 0.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 573,665 shares of company stock valued at $25,908,531 over the last three months. Corporate insiders own 16.04% of the company’s stock.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several recent analyst reports. Barclays lowered their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Bank of America lowered their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Mizuho lowered their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Finally, Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $71.50.

Credo Technology Group Price Performance

CRDO stock opened at $59.79 on Thursday. Credo Technology Group Holding Ltd has a 1 year low of $17.73 and a 1 year high of $86.69. The company has a market cap of $10.15 billion, a P/E ratio of -398.60 and a beta of 2.29. The firm has a 50-day moving average of $43.60 and a 200 day moving average of $55.80.

Credo Technology Group Company 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.