Rokos Capital Management LLP Buys Shares of 231,698 Credo Technology Group Holding Ltd. $CRDO

Rokos Capital Management LLP purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 231,698 shares of the company’s stock, valued at approximately $21,452,000.

Other institutional investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. acquired a new position in Credo Technology Group in the first quarter valued at approximately $25,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Credo Technology Group during the second quarter worth $27,000. Virtus Advisers LLC purchased a new stake in Credo Technology Group in the first quarter valued at $31,000. Wolff Wiese Magana LLC lifted its stake in shares of Credo Technology Group by 200.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock valued at $42,000 after purchasing an additional 300 shares during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its stake in shares of Credo Technology Group by 278.4% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock valued at $44,000 after purchasing an additional 348 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of recent analyst reports. Cowen reissued a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Susquehanna increased their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. Bank of America lifted their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Barclays upped their price objective on shares of Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a report on Tuesday, December 2nd. Finally, Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and an average target price of $206.85.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 80,000 shares of the firm’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $143.53, for a total value of $11,482,400.00. Following the sale, the chief operating officer directly owned 920,000 shares in the company, valued at approximately $132,047,600. This trade represents a 8.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 112,580 shares of Credo Technology Group stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following the sale, the chief financial officer directly owned 458,678 shares of the company’s stock, valued at approximately $63,389,299.60. This trade represents a 19.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 961,246 shares of company stock worth $149,004,408 in the last 90 days. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Down 7.2%

Shares of NASDAQ CRDO opened at $157.98 on Thursday. The stock has a market cap of $28.54 billion, a P/E ratio of 138.58 and a beta of 2.63. The business’s fifty day simple moving average is $156.63 and its 200-day simple moving average is $126.01. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business’s revenue for the quarter was up 272.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.07 earnings per share. On average, equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

About Credo Technology Group

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.