Friedenthal Financial Takes $773,000 Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Friedenthal Financial acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 11,499 shares of the company's stock, valued at approximately $773,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Harbour Capital Advisors LLC raised its holdings in shares of Credo Technology Group by 10.1% in the 4th quarter. Harbour Capital Advisors LLC now owns 25,175 shares of the company's stock valued at $1,822,000 after purchasing an additional 2,300 shares in the last quarter. Diversified Trust Co raised its stake in Credo Technology Group by 35.6% in the fourth quarter. Diversified Trust Co now owns 37,894 shares of the company's stock worth $2,547,000 after buying an additional 9,940 shares in the last quarter. Everence Capital Management Inc. bought a new position in Credo Technology Group in the fourth quarter worth approximately $252,000. GAMMA Investing LLC lifted its holdings in Credo Technology Group by 56.3% during the fourth 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. Finally, JPMorgan Chase & Co. boosted its position in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after acquiring an additional 909,578 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Price Performance

Credo Technology Group stock traded down $4.76 during mid-day trading on Monday, reaching $69.04. 4,337,959 shares of the company traded hands, compared to its average volume of 4,134,439. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $78.97. The firm's fifty day moving average is $60.49 and its two-hundred day moving average is $41.93. The company has a market capitalization of $11.55 billion, a price-to-earnings ratio of -460.27 and a beta of 2.11.

Insider Activity

In other Credo Technology Group news, 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 sale, the director now directly owns 1,113,725 shares of the company's stock, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total value of $265,034.70. Following the sale, the chief financial officer now directly owns 652,666 shares in the company, valued at $45,640,933.38. This represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 875,014 shares of company stock valued at $57,132,400 over the last ninety days. 16.04% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on CRDO shares. Needham & Company LLC boosted their price target on 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 boosted their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Bank of America upgraded shares of Credo Technology Group from an "underperform" rating to a "buy" rating and raised their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Craig Hallum boosted their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. Finally, TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $75.40.

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.