The Manufacturers Life Insurance Company Grows Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

The Manufacturers Life Insurance Company boosted its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 27.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,697,723 shares of the company’s stock after acquiring an additional 362,634 shares during the period. The Manufacturers Life Insurance Company’s holdings in Credo Technology Group were worth $54,225,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of CRDO. Millennium Management LLC boosted its holdings in shares of Credo Technology Group by 20.5% during the 2nd quarter. Millennium Management LLC now owns 1,470,970 shares of the company’s stock valued at $46,983,000 after purchasing an additional 250,027 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its position in shares of Credo Technology Group by 9.1% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock worth $77,660,000 after buying an additional 203,739 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Credo Technology Group during the second quarter valued at approximately $406,000. Cubist Systematic Strategies LLC grew its holdings in Credo Technology Group by 1.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 266,083 shares of the company’s stock valued at $8,499,000 after buying an additional 4,902 shares in the last quarter. Finally, Xponance Inc. bought a new stake in Credo Technology Group in the 2nd quarter worth approximately $257,000. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $31.45 on Friday. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $36.80. The company’s 50-day moving average is $29.48 and its 200 day moving average is $25.53. The firm has a market capitalization of $5.20 billion, a P/E ratio of -174.72 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. Research analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Lip Bu Tan sold 45,476 shares of Credo Technology Group stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the completion of the sale, the director now owns 39,736 shares in the company, valued at approximately $1,262,015.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $30.62, for a total transaction of $306,200.00. Following the transaction, the chief operating officer now owns 3,117,777 shares of the company’s stock, valued at approximately $95,466,331.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lip Bu Tan sold 45,476 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $31.76, for a total value of $1,444,317.76. Following the transaction, the director now owns 39,736 shares in the company, valued at approximately $1,262,015.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,036,190 shares of company stock valued at $31,153,347. 23.89% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CRDO has been the subject of a number of research reports. Craig Hallum increased their target price on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Roth Mkm boosted their target price on shares of Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Needham & Company LLC increased their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Finally, Barclays boosted their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.00.

Credo Technology Group Company 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.