Prescott Group Capital Management L.L.C. Acquires 10,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Prescott Group Capital Management L.L.C. grew its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 33.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,000 shares of the company’s stock after acquiring an additional 10,000 shares during the quarter. Prescott Group Capital Management L.L.C.’s holdings in Credo Technology Group were worth $2,688,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Rakuten Securities Inc. acquired a new position in Credo Technology Group during the 3rd quarter worth approximately $30,000. Brown Brothers Harriman & Co. increased its holdings in shares of Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares in the last quarter. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth $38,000. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at $43,000. Finally, Principal Securities Inc. grew its position in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after acquiring an additional 576 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on CRDO shares. Bank of America dropped their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. TD Cowen boosted their target price 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. Susquehanna decreased their price target on shares of Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $74.90.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the transaction, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the sale, the chief technology officer now directly owns 8,508,602 shares of the company’s stock, valued at approximately $578,925,280.08. This trade represents a 0.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,190,496 shares of company stock valued at $82,695,512. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Stock Down 10.0 %

CRDO opened at $42.07 on Friday. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The company has a fifty day moving average of $69.20 and a 200-day moving average of $52.09. The stock has a market cap of $7.04 billion, a PE ratio of -280.47 and a beta of 2.09.

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.