Quantbot Technologies LP Makes New $5.88 Million Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Quantbot Technologies LP bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 87,452 shares of the company’s stock, valued at approximately $5,878,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brown Brothers Harriman & Co. raised its stake in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the last quarter. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $38,000. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group in the fourth quarter worth $43,000. Principal Securities Inc. raised its position in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the period. Finally, Larson Financial Group LLC boosted its holdings in Credo Technology Group by 240.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after acquiring an additional 1,399 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the sale, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at $61,130,000. The trade was a 9.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $80.57, for a total transaction of $4,834,200.00. Following the completion of the transaction, the chief technology officer now owns 8,268,602 shares in the company, valued at $666,201,263.14. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,190,496 shares of company stock valued at $82,695,512 over the last quarter. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Trading Down 4.3 %

CRDO opened at $47.02 on Tuesday. The stock’s fifty day simple moving average is $65.64 and its 200 day simple moving average is $52.85. The stock has a market cap of $7.98 billion, a PE ratio of -313.47 and a beta of 2.16. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CRDO shares. TD Cowen upped their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Craig Hallum increased their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Stifel Nicolaus upped their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Barclays raised their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $74.90.

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.