Arcadia Investment Management Corp MI Makes New Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Arcadia Investment Management Corp MI purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,275 shares of the company’s stock, valued at approximately $86,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CRDO. CWM LLC lifted its stake in shares of Credo Technology Group by 105.7% in the third quarter. CWM LLC now owns 2,787 shares of the company’s stock worth $86,000 after buying an additional 1,432 shares during the last quarter. Creative Planning bought a new position in Credo Technology Group in the 3rd quarter worth $359,000. Dakota Wealth Management acquired a new position in Credo Technology Group during the 3rd quarter worth $237,000. Allworth Financial LP boosted its holdings in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares during the period. Finally, KP Management LLC acquired a new stake in shares of Credo Technology Group in the third quarter valued at about $2,772,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Mizuho boosted their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. TD Cowen upped their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Craig Hallum raised 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. Needham & Company LLC boosted their target price 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. Finally, Stifel Nicolaus increased their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $66.78 on Friday. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $86.69. The stock has a fifty day moving average price of $72.26 and a 200 day moving average price of $50.50. The stock has a market cap of $11.17 billion, a P/E ratio of -445.20 and a beta of 2.09.

Insider Activity

In other news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the sale, the chief executive officer now directly owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. This represents a 5.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the transaction, the chief operating officer now owns 400,000 shares of the company’s stock, valued at $27,212,000. This trade represents a 20.00 % 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 worth $89,862,242. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group 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.