Fortitude Advisory Group L.L.C. Invests $349,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Fortitude Advisory Group L.L.C. acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,187 shares of the company's stock, valued at approximately $349,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Pacer Advisors Inc. boosted its stake in shares of Credo Technology Group by 30.2% in the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock valued at $263,000 after buying an additional 907 shares during the period. KBC Group NV grew its holdings in Credo Technology Group by 48.1% during the 4th quarter. KBC Group NV now owns 5,661 shares of the company's stock worth $380,000 after acquiring an additional 1,839 shares in the last quarter. Wesbanco Bank Inc. increased its position in shares of Credo Technology Group by 25.7% in the 4th quarter. Wesbanco Bank Inc. now owns 19,535 shares of the company's stock valued at $1,313,000 after purchasing an additional 4,000 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at $353,000. Finally, Finley Financial LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth $173,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the sale, the chief technology officer now owns 8,728,602 shares of the company's stock, valued at approximately $413,473,876.74. This represents a 0.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the company's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the sale, the director now owns 1,113,725 shares in the company, valued at $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,203,804 shares of company stock worth $83,293,192 over the last 90 days. 16.04% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Stifel Nicolaus increased their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a report on Monday, January 6th. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Roth Mkm lifted their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Finally, Mizuho upped their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research report on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $76.40.

Credo Technology Group Trading Up 4.6 %

Shares of NASDAQ:CRDO traded up $2.55 during trading on Tuesday, hitting $58.15. 8,538,132 shares of the stock were exchanged, compared to its average volume of 5,456,506. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The company has a market cap of $9.73 billion, a PE ratio of -387.67 and a beta of 2.11. The company has a fifty day moving average price of $66.70 and a two-hundred day moving average price of $44.95.

About Credo Technology Group

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.