MIG Capital LLC Takes $336,000 Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

MIG Capital LLC bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 4,993 shares of the company’s stock, valued at approximately $336,000.

Several other institutional investors and hedge funds also recently bought and sold shares of CRDO. Envestnet Asset Management Inc. raised its stake in shares of Credo Technology Group by 14.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 73,634 shares of the company’s stock worth $4,949,000 after buying an additional 9,131 shares during the period. Resona Asset Management Co. Ltd. bought a new stake in Credo Technology Group during the 4th quarter worth approximately $740,000. Wells Fargo & Company MN lifted its holdings in Credo Technology Group by 176.2% during the fourth quarter. Wells Fargo & Company MN now owns 133,237 shares of the company’s stock valued at $8,955,000 after purchasing an additional 85,006 shares in the last quarter. Pinpoint Asset Management Ltd bought a new position in shares of Credo Technology Group in the fourth quarter worth approximately $244,000. Finally, Thoroughbred Financial Services LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter worth $484,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Down 10.3 %

Credo Technology Group stock opened at $33.30 on Friday. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The company’s 50-day moving average price is $56.25 and its 200-day moving average price is $54.13. The company has a market cap of $5.65 billion, a PE ratio of -222.00 and a beta of 2.30.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction on Friday, January 10th. The shares were sold at an average price of $72.61, for a total transaction of $275,191.90. Following the completion of the transaction, the chief financial officer now directly owns 638,564 shares of the company’s stock, valued at $46,366,132.04. The trade was a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 980,665 shares of company stock valued at $65,566,692 over the last ninety days. 16.04% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CRDO. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America dropped their price objective 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. The Goldman Sachs Group boosted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, Mizuho lowered their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $74.60.

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.