Y Intercept Hong Kong Ltd Buys Shares of 19,935 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Y Intercept Hong Kong Ltd bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 19,935 shares of the company’s stock, valued at approximately $614,000.

Several other hedge funds have also recently made changes to their positions in CRDO. Allworth Financial LP raised its stake in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in Credo Technology Group during the 2nd quarter worth about $29,000. Rakuten Securities Inc. purchased a new stake in Credo Technology Group during the 3rd quarter worth about $30,000. Fifth Third Bancorp lifted its holdings in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its holdings in 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 purchasing an additional 1,001 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Trading Up 11.0 %

Shares of Credo Technology Group stock opened at $75.95 on Friday. The firm has a market capitalization of $12.70 billion, a PE ratio of -506.33 and a beta of 2.26. The business’s 50-day moving average price is $46.69 and its 200-day moving average price is $35.46. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $76.53.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $29.67, for a total transaction of $1,631,850.00. Following the transaction, the chief technology officer now directly owns 9,003,602 shares in the company, valued at $267,136,871.34. This trade represents a 0.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the transaction, the chief executive officer now owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. The trade was a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,276,120 shares of company stock worth $49,535,455. 16.04% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. 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 increased their price objective on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Stifel Nicolaus reissued a “buy” rating and set a $75.00 price objective (up previously from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Roth Mkm increased their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Barclays upped their target price on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus price target of $67.33.

Credo Technology Group 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.