Fortitude Advisory Group L.L.C. Invests $349,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Fortitude Advisory Group L.L.C. purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 5,187 shares of the company’s stock, valued at approximately $349,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allworth Financial LP increased its position 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 worth $26,000 after acquiring an additional 771 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Credo Technology Group in the 3rd quarter worth approximately $30,000. Brown Brothers Harriman & Co. grew its position 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. Larson Financial Group LLC raised its stake in Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after purchasing an additional 1,399 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after purchasing an additional 351 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Ratings Changes

CRDO has been the subject of several research analyst reports. 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 research note on Tuesday, December 3rd. TD Cowen increased their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna initiated coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Finally, 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. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $76.40.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 2,370,858 shares in the company, valued at $160,388,543.70. This represents a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the sale, the chief technology officer now owns 8,728,602 shares in the company, valued at $413,473,876.74. The trade was a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,203,804 shares of company stock worth $83,293,192 in the last 90 days. 16.04% of the stock is owned by company insiders.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $55.68 on Tuesday. The firm has a market cap of $9.31 billion, a price-to-earnings ratio of -371.21 and a beta of 2.11. The firm has a fifty day moving average price of $66.70 and a two-hundred day moving average price of $44.95. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

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.