Bryce Point Capital LLC Trims Stock Position in Credo Technology Group Holding Ltd. $CRDO

Bryce Point Capital LLC trimmed its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 64.5% during the 3rd quarter, according to its most recent 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 have also made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new position in Credo Technology Group in the third quarter valued at approximately $25,000. First Horizon Corp acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth about $26,000. Smartleaf Asset Management LLC increased its position in shares of 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 purchasing an additional 147 shares during the last quarter. Park Place Capital Corp acquired a new position in Credo Technology Group in the third quarter valued at about $41,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Credo Technology Group during the second quarter worth about $27,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $123.41 on Tuesday. The stock has a market capitalization of $22.29 billion, a price-to-earnings ratio of 108.26 and a beta of 2.65. The business has a fifty day moving average price of $144.08 and a 200 day moving average price of $142.69. 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. During the same quarter last year, the business posted $0.07 EPS. The business’s quarterly revenue was up 272.1% compared to the same quarter last year. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on CRDO. Bank of America boosted 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 note on Tuesday, December 2nd. JPMorgan Chase & Co. initiated coverage on Credo Technology Group in a research report on Friday, October 17th. They issued an “overweight” rating and a $165.00 target price on the stock. New Street Research set a $240.00 price objective on Credo Technology Group in a report on Tuesday, December 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Finally, Barclays reiterated an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $212.69.

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 on Friday, January 30th. The stock was sold at an average price of $128.67, for a total value of $241,256.25. Following the sale, the director directly owned 5,892,034 shares in the company, valued at $758,128,014.78. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel W. Fleming sold 3,902 shares of the company’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $140.15, for a total value of $546,865.30. Following the transaction, the chief financial officer directly owned 446,178 shares of the company’s stock, valued at approximately $62,531,846.70. This represents a 0.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 917,976 shares of company stock worth $136,567,647. Corporate insiders own 11.84% of the company’s stock.

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.