Y Intercept Hong Kong Ltd Makes New Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Y Intercept Hong Kong Ltd bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 19,935 shares of the company's stock, valued at approximately $614,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asset Management L.P. grew its stake in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock worth $120,627,000 after buying an additional 1,660,230 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of Credo Technology Group by 3.1% during the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company's stock worth $121,097,000 after purchasing an additional 115,271 shares during the last quarter. Swedbank AB lifted its holdings in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company's stock valued at $101,650,000 after buying an additional 2,961,454 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock valued at $88,188,000 after purchasing an additional 705,512 shares during the period. Finally, D. E. Shaw & Co. Inc. grew its position in shares of Credo Technology Group by 9.1% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company's stock worth $77,660,000 after buying an additional 203,739 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CRDO shares. TD Cowen increased their price objective 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. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. Barclays lifted their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an "overweight" rating in a research note on Tuesday, December 3rd. Roth Mkm raised their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Finally, Mizuho boosted their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $67.33.

Insider Activity at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 108,790 shares of the company's stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $31.10, for a total value of $3,383,369.00. Following the completion of the transaction, the chief financial officer now directly owns 676,386 shares of the company's stock, valued at $21,035,604.60. This represents a 13.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the transaction, the chief executive officer now directly owns 2,370,858 shares in the company, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,276,120 shares of company stock worth $49,535,455. Insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $7.53 during midday trading on Friday, reaching $75.95. 6,696,979 shares of the company's stock were exchanged, compared to its average volume of 2,443,352. The firm's 50 day simple moving average is $46.69 and its two-hundred day simple moving average is $35.57. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $76.53. The stock has a market cap of $12.70 billion, a price-to-earnings ratio of -506.33 and a beta of 2.26.

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.