6,948 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Bought by Alpha DNA Investment Management LLC

Alpha DNA Investment Management LLC bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,948 shares of the company’s stock, valued at approximately $467,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRDO. Norges Bank acquired a new stake in Credo Technology Group in the 4th quarter valued at $117,242,000. Alliancebernstein L.P. raised its holdings in Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after acquiring an additional 1,305,594 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Elemental Capital Partners LLC acquired a new position in shares of Credo Technology Group during the 4th quarter worth approximately $43,171,000. Finally, Invesco Ltd. raised its stake in shares of Credo Technology Group by 589.7% during the 4th quarter. Invesco Ltd. now owns 535,684 shares of the company’s stock worth $36,003,000 after purchasing an additional 458,015 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following the transaction, the chief operating officer now owns 2,825,621 shares in the company, valued at $165,750,927.86. This represents a 3.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $37.29, for a total transaction of $2,050,950.00. Following the completion of the sale, the chief technology officer now owns 7,828,602 shares of the company’s stock, valued at approximately $291,928,568.58. The trade was a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 633,665 shares of company stock valued at $33,612,713. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Price Performance

CRDO opened at $36.52 on Friday. The business has a fifty day simple moving average of $48.58 and a 200 day simple moving average of $54.50. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69. The company has a market capitalization of $6.20 billion, a PE ratio of -243.47 and a beta of 2.30.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Stifel Nicolaus lowered their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a report on Thursday. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Barclays lifted their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC restated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, Bank of America reduced their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $73.50.

Credo Technology Group Company Profile

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.