Freedom Investment Management Inc. Invests $524,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Freedom Investment Management Inc. bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 7,795 shares of the company's stock, valued at approximately $524,000.

Several other large investors also recently modified their holdings of the stock. Kestra Investment Management LLC purchased a new position in Credo Technology Group in the 4th quarter valued at approximately $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group in the 4th quarter valued at $43,000. Principal Securities Inc. boosted its holdings in Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after purchasing an additional 576 shares during the period. Plato Investment Management Ltd bought a new position in Credo Technology Group in the 4th quarter valued at $61,000. Finally, GAMMA Investing LLC boosted its holdings in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after purchasing an additional 351 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following the sale, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $165,750,927.86. This trade represents a 3.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the transaction, the director now 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 563,665 shares of company stock worth $27,972,613 in the last 90 days. Insiders own 16.04% of the company's stock.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock traded up $2.46 during midday trading on Thursday, hitting $42.95. The company had a trading volume of 1,333,433 shares, compared to its average volume of 3,529,796. The stock has a market capitalization of $7.29 billion, a P/E ratio of -286.75 and a beta of 2.30. The company has a 50 day moving average of $46.58 and a 200 day moving average of $54.62. Credo Technology Group Holding Ltd has a 52-week low of $16.91 and a 52-week high of $86.69.

Wall Street Analyst Weigh In

CRDO has been the subject of several analyst reports. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Barclays lowered their price target on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a research report on Tuesday. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Mizuho cut their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Finally, Stifel Nicolaus cut their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $71.50.

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.