Bryce Point Capital LLC Decreases Stake in Credo Technology Group Holding Ltd. $CRDO

Bryce Point Capital LLC cut its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 64.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,897 shares of the company’s stock after selling 7,075 shares during the quarter. Bryce Point Capital LLC’s holdings in Credo Technology Group were worth $567,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRDO. Atlantic Union Bankshares Corp purchased a new position in shares of Credo Technology Group in the third quarter worth about $25,000. First Horizon Corp purchased a new position in Credo Technology Group during the 3rd quarter worth approximately $26,000. Smartleaf Asset Management LLC raised its position in Credo Technology Group by 133.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after buying an additional 147 shares during the last quarter. Park Place Capital Corp acquired a new stake in Credo Technology Group during the 3rd quarter valued at approximately $41,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Credo Technology Group in the 2nd quarter valued at $27,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $123.41 on Tuesday. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The company has a market cap of $22.29 billion, a price-to-earnings ratio of 108.26 and a beta of 2.65. The stock has a 50 day simple moving average of $144.08 and a 200-day simple moving average of $142.69.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. Credo Technology Group’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same period last year, the company posted $0.07 EPS. Analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the transaction, the chief executive officer owned 1,892,502 shares of the company’s stock, valued at approximately $289,855,606.32. The trade was a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $174.70, for a total value of $9,608,500.00. Following the completion of the sale, the chief technology officer owned 6,613,961 shares of the company’s stock, valued at approximately $1,155,458,986.70. The trade was a 0.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 917,976 shares of company stock valued at $136,567,647 in the last ninety days. 11.84% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CRDO shares. JPMorgan Chase & Co. assumed coverage on Credo Technology Group in a research note on Friday, October 17th. They set an “overweight” rating and a $165.00 price objective for the company. TD Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. New Street Research set a $240.00 price target on Credo Technology Group in a report on Tuesday, December 2nd. Bank of America raised their price objective on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Finally, Susquehanna boosted their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a research note on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $212.69.

Credo Technology Group Company Profile

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.