Renaissance Capital LLC Buys Shares of 142,849 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Renaissance Capital LLC bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 142,849 shares of the company's stock, valued at approximately $9,601,000. Credo Technology Group accounts for 6.3% of Renaissance Capital LLC's investment portfolio, making the stock its 4th largest holding. Renaissance Capital LLC owned about 0.09% of Credo Technology Group at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. China Universal Asset Management Co. Ltd. acquired a new position in Credo Technology Group in the fourth quarter valued at about $1,311,000. Fortitude Advisory Group L.L.C. bought a new position in shares of Credo Technology Group during the 4th quarter valued at about $349,000. Pacer Advisors Inc. grew its position 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 purchasing an additional 907 shares during the period. KBC Group NV increased its stake 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 purchasing an additional 1,839 shares in the last quarter. Finally, Wesbanco Bank Inc. raised its holdings in Credo Technology Group by 25.7% during the 4th quarter. Wesbanco Bank Inc. now owns 19,535 shares of the company's stock worth $1,313,000 after buying an additional 4,000 shares during the period. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

CRDO stock traded down $2.36 during mid-day trading on Friday, reaching $77.28. The company had a trading volume of 4,200,550 shares, compared to its average volume of 5,550,381. The company has a market capitalization of $12.92 billion, a price-to-earnings ratio of -515.20 and a beta of 2.09. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The stock has a 50 day simple moving average of $70.90 and a two-hundred day simple moving average of $47.08.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CRDO shares. Craig Hallum increased 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 report on Tuesday, December 3rd. Stifel Nicolaus increased their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, January 6th. TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased 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, Susquehanna initiated coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 target price on the stock. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of "Moderate Buy" and a consensus price target of $76.40.

Insider Activity

In related news, Director Lip Bu Tan sold 150,000 shares of the firm's stock in a transaction dated 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 directly owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total value of $2,671,350.00. Following the transaction, the chief technology officer now directly owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. This trade represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is owned by insiders.

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.