SeaCrest Wealth Management LLC Acquires 7,724 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

SeaCrest Wealth Management LLC increased its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 63.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,985 shares of the company's stock after purchasing an additional 7,724 shares during the quarter. SeaCrest Wealth Management LLC's holdings in Credo Technology Group were worth $1,343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of CRDO. Dimensional Fund Advisors LP grew its position in shares of Credo Technology Group by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company's stock worth $67,473,000 after buying an additional 242,428 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Credo Technology Group by 10.0% in the second quarter. Renaissance Technologies LLC now owns 865,938 shares of the company's stock worth $27,658,000 after acquiring an additional 78,700 shares during the period. Edgestream Partners L.P. bought a new stake in Credo Technology Group in the second quarter valued at $869,000. Andar Capital Management HK Ltd purchased a new position in Credo Technology Group during the 2nd quarter valued at $2,012,000. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new position in Credo Technology Group in the 2nd quarter worth $3,654,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Craig Hallum lifted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Barclays upped their target price on Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a report on Tuesday, December 3rd. Roth Mkm raised their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Stifel Nicolaus raised their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Finally, TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $75.40.

Credo Technology Group Stock Up 2.7 %

Shares of NASDAQ CRDO traded up $2.01 during midday trading on Thursday, hitting $77.49. The stock had a trading volume of 2,589,803 shares, compared to its average volume of 3,907,466. The company has a market cap of $12.96 billion, a P/E ratio of -516.80 and a beta of 2.11. The business's 50 day moving average is $61.66 and its 200-day moving average is $42.43. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $78.97.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the transaction, the chief technology officer now owns 8,838,602 shares in the company, valued at $346,826,742.48. This represents a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lip Bu Tan sold 3,799 shares of the firm's stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27. Following the completion of the sale, the director now owns 1,709,926 shares in the company, valued at $120,943,065.98. This represents a 0.22 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 978,804 shares of company stock valued at $64,733,592. 16.04% of the stock is owned by corporate insiders.

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.