Friedenthal Financial Makes New $773,000 Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Friedenthal Financial purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,499 shares of the company’s stock, valued at approximately $773,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRDO. JPMorgan Chase & Co. grew its position in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares during the period. Point72 Asset Management L.P. lifted its holdings in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC boosted its position in shares of Credo Technology Group by 3.1% in the 2nd 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 in the last quarter. Swedbank AB grew its stake in shares of Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Credo Technology Group by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after buying an additional 170,412 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

Credo Technology Group stock traded down $4.76 during mid-day trading on Monday, reaching $69.04. 4,333,846 shares of the stock traded hands, compared to its average volume of 3,977,966. The stock has a market capitalization of $11.55 billion, a PE ratio of -460.27 and a beta of 2.11. The business’s 50-day moving average is $59.91 and its 200-day moving average is $41.67. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $78.97.

Insider Transactions at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the transaction, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at $45,640,933.38. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the sale, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 875,014 shares of company stock worth $57,132,400 in the last quarter. Company insiders own 16.04% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on CRDO. Needham & Company LLC boosted their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price objective for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. TD Cowen lifted 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. Roth Mkm increased their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock 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 assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.40.

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.