Hillsdale Investment Management Inc. Invests $3.60 Million in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Hillsdale Investment Management Inc. acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 169,700 shares of the company’s stock, valued at approximately $3,596,000. Hillsdale Investment Management Inc. owned 0.10% of Credo Technology Group as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in CRDO. Ulland Investment Advisors LLC bought a new stake in Credo Technology Group during the first quarter worth $29,000. Banque Cantonale Vaudoise acquired a new position in shares of Credo Technology Group during the first quarter worth $97,000. Assetmark Inc. increased its holdings in shares of Credo Technology Group by 30.1% during the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after buying an additional 1,263 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of Credo Technology Group during the first quarter worth $276,000. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Credo Technology Group during the first quarter worth $319,000. Institutional investors own 80.46% of the company’s stock.

Insider Activity

In other Credo Technology Group news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total transaction of $257,250.00. Following the completion of the transaction, the chief executive officer now owns 2,962,500 shares in the company, valued at approximately $50,806,875. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $17.41, for a total transaction of $957,550.00. Following the completion of the transaction, the chief technology officer now owns 9,773,602 shares in the company, valued at approximately $170,158,410.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $17.15, for a total value of $257,250.00. Following the transaction, the chief executive officer now owns 2,962,500 shares of the company’s stock, valued at approximately $50,806,875. The disclosure for this sale can be found here. Insiders sold a total of 881,678 shares of company stock worth $24,491,344 in the last three months. Company insiders own 23.89% of the company’s stock.

Credo Technology Group Price Performance

Shares of CRDO traded up $0.02 during trading hours on Monday, hitting $29.52. The stock had a trading volume of 1,464,930 shares, compared to its average volume of 2,169,495. The firm has a 50 day simple moving average of $26.76 and a 200-day simple moving average of $22.64. The firm has a market capitalization of $4.88 billion, a P/E ratio of -164.61 and a beta of 2.24. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $33.96.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, May 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). The firm had revenue of $60.78 million during the quarter, compared to analyst estimates of $60.50 million. Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. Equities analysts predict that Credo Technology Group Holding Ltd will post 0.07 EPS for the current fiscal year.

Analyst Ratings Changes

CRDO has been the subject of several research analyst reports. Craig Hallum upped their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Barclays raised their target price on Credo Technology Group from $23.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Stifel Nicolaus raised their target price on Credo Technology Group from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday. Bank of America reissued an “underperform” rating and issued a $22.00 price objective (up from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Finally, TD Cowen lifted their price objective on Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $30.38.

About Credo Technology Group

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.