Boothbay Fund Management LLC Increases Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Boothbay Fund Management LLC grew its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 18.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 104,194 shares of the company's stock after purchasing an additional 15,911 shares during the period. Boothbay Fund Management LLC owned approximately 0.06% of Credo Technology Group worth $7,003,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRDO. Kestra Investment Management LLC acquired a new position in Credo Technology Group in the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co acquired a new position in Credo Technology Group during the fourth quarter valued at $43,000. Principal Securities Inc. lifted its position in Credo Technology Group by 626.1% during the fourth 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 acquired a new stake in Credo Technology Group during the 4th quarter worth about $61,000. Finally, GAMMA Investing LLC raised its stake in shares of Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after buying an additional 351 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $47.29, for a total value of $2,600,950.00. Following the completion of the transaction, the chief technology officer now owns 8,103,602 shares in the company, valued at approximately $383,219,338.58. The trade was a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred 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 owns 2,825,621 shares in the company, valued at approximately $165,750,927.86. This trade represents a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 563,665 shares of company stock worth $26,810,463. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Trading Up 0.4 %

Credo Technology Group stock traded up $0.17 during trading on Tuesday, hitting $43.21. The company had a trading volume of 2,037,173 shares, compared to its average volume of 3,563,505. The company's 50 day simple moving average is $44.80 and its 200-day simple moving average is $55.05. Credo Technology Group Holding Ltd has a 1-year low of $16.91 and a 1-year high of $86.69. The stock has a market cap of $7.34 billion, a price-to-earnings ratio of -288.07 and a beta of 2.30.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Barclays lowered their target price on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Mizuho cut their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Needham & Company LLC reissued a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Stifel Nicolaus dropped their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average 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.