Entropy Technologies LP Purchases New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Entropy Technologies LP acquired a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 26,583 shares of the company's stock, valued at approximately $1,787,000.

A number of other hedge funds have also added to or reduced their stakes in CRDO. Allworth Financial LP grew its stake in Credo Technology Group by 917.9% in the 3rd 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. bought a new position in shares of Credo Technology Group during the third quarter valued at approximately $30,000. Brown Brothers Harriman & Co. boosted its stake in shares of Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock valued at $35,000 after purchasing an additional 1,001 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Credo Technology Group by 240.0% during the third 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 in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Credo Technology Group by 56.3% during 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. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of recent research reports. Susquehanna initiated coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a "neutral" rating and a $80.00 price objective on the stock. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, January 10th. Barclays raised their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. TD Cowen raised 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. Finally, Needham & Company LLC raised their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Credo Technology Group has a consensus rating of "Moderate Buy" and an average price target of $76.40.

Credo Technology Group Trading Down 1.2 %

Shares of NASDAQ CRDO traded down $0.87 during midday trading on Thursday, reaching $70.48. The company had a trading volume of 3,875,301 shares, compared to its average volume of 5,346,011. The business's 50-day simple moving average is $72.15 and its 200 day simple moving average is $48.48. The stock has a market cap of $11.79 billion, a P/E ratio of -469.87 and a beta of 2.09. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 100,000 shares of the firm's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the completion of the transaction, the chief operating officer now owns 400,000 shares of the company's stock, valued at $27,212,000. This trade represents a 20.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the transaction, the director now directly owns 5,902,402 shares of the company's stock, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,305,679 shares of company stock valued at $89,862,242. Insiders own 16.04% of the company's stock.

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.