Elemental Capital Partners LLC Makes New $43.17 Million Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Elemental Capital Partners LLC bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 642,337 shares of the company's stock, valued at approximately $43,171,000. Credo Technology Group comprises 40.4% of Elemental Capital Partners LLC's portfolio, making the stock its biggest position. Elemental Capital Partners LLC owned 0.38% of Credo Technology Group at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CRDO. Allworth Financial LP lifted its position in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company's stock worth $26,000 after purchasing an additional 771 shares during the last quarter. Rakuten Securities Inc. bought a new position in Credo Technology Group in the third quarter worth approximately $30,000. Brown Brothers Harriman & Co. increased 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 during the period. Larson Financial Group LLC raised its position 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 in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after buying an additional 351 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

NASDAQ CRDO traded down $2.36 during trading on Friday, hitting $77.28. The company's stock had a trading volume of 4,200,550 shares, compared to its average volume of 5,690,025. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The company has a market cap of $12.92 billion, a PE ratio of -515.20 and a beta of 2.09. The business's 50 day simple moving average is $71.46 and its 200-day simple moving average is $47.41.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total value of $805,900.00. Following the transaction, the chief operating officer now owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. This represents a 0.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction that occurred 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 sale, the director now owns 5,902,402 shares of the company's stock, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,305,679 shares of company stock worth $89,862,242 in the last three months. Corporate insiders own 16.04% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Roth Mkm lifted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Barclays boosted their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Bank of America raised shares of Credo Technology Group from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Finally, Mizuho upped their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an "outperform" rating in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Moderate Buy" and an average price target of $76.40.

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.