Credo Technology Group Holding Ltd. $CRDO Stock Position Raised by Magnetar Financial LLC

Magnetar Financial LLC lifted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 45.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 82,904 shares of the company’s stock after purchasing an additional 26,017 shares during the period. Magnetar Financial LLC’s holdings in Credo Technology Group were worth $7,676,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Operose Advisors LLC increased its stake in Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after purchasing an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Credo Technology Group in the first quarter worth about $25,000. Harbour Investments Inc. acquired a new position in shares of Credo Technology Group in the first quarter worth about $29,000. Virtus Advisers LLC purchased a new position in shares of Credo Technology Group in the first quarter worth approximately $31,000. Finally, Wolff Wiese Magana LLC raised its holdings in shares of Credo Technology Group by 200.0% during the second quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock valued at $42,000 after acquiring an additional 300 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Down 0.9%

Shares of NASDAQ:CRDO opened at $133.49 on Friday. The firm has a market cap of $23.09 billion, a price-to-earnings ratio of 199.24 and a beta of 2.62. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $193.50. The business has a fifty day simple moving average of $152.85 and a 200 day simple moving average of $115.24.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The firm had revenue of $223.07 million during the quarter, compared to analysts’ expectations of $190.63 million. During the same quarter last year, the firm earned $0.04 EPS. The business’s revenue for the quarter was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Analysts Set New Price Targets

CRDO has been the subject of a number of recent analyst reports. TD Cowen initiated coverage on shares of Credo Technology Group in a research note on Wednesday, October 1st. They issued a “buy” rating and a $170.00 price objective for the company. Barclays reaffirmed an “overweight” rating and issued a $165.00 target price on shares of Credo Technology Group in a research report on Tuesday, October 7th. Needham & Company LLC upped their price target on Credo Technology Group from $85.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, September 4th. Cowen restated a “buy” rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Finally, Roth Capital reaffirmed a “buy” rating and set a $170.00 target price on shares of Credo Technology Group in a research note on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two 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 price target of $140.36.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $163.98, for a total transaction of $9,018,900.00. Following the transaction, the chief technology officer owned 6,998,961 shares of the company’s stock, valued at approximately $1,147,689,624.78. This trade represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel W. Fleming sold 112,580 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following the completion of the sale, the chief financial officer owned 458,678 shares of the company’s stock, valued at $63,389,299.60. This trade represents a 19.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 973,161 shares of company stock worth $149,011,579. Insiders own 11.84% of the company’s stock.

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.