Bryce Point Capital LLC Acquires New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Bryce Point Capital LLC acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 22,924 shares of the company's stock, valued at approximately $1,541,000.

A number of other institutional investors have also made changes to their positions in CRDO. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group in the 4th quarter worth $43,000. Principal Securities Inc. lifted its position in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after acquiring an additional 576 shares during the last quarter. Plato Investment Management Ltd bought a new stake in Credo Technology Group during the fourth quarter valued at about $61,000. Finally, GAMMA Investing LLC grew its position in shares of Credo Technology Group by 56.3% in 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 during the last quarter. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Trading Down 10.3 %

CRDO stock traded down $3.84 during trading on Friday, hitting $33.30. 8,422,367 shares of the stock traded hands, compared to its average volume of 3,414,378. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of -222.00 and a beta of 2.30. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $86.69. The company has a 50 day simple moving average of $56.25 and a 200 day simple moving average of $54.13.

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Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the company's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the transaction, the director now owns 1,113,725 shares in the company, valued at $84,743,335.25. The trade was a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 980,665 shares of company stock valued at $65,566,692. Corporate insiders own 16.04% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Bank of America decreased their target price 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. Needham & Company LLC restated a "buy" rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Mizuho dropped 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 research report on Thursday. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, Barclays boosted their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of "Buy" and a consensus target price 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.