Fortitude Advisory Group L.L.C. Makes New Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Fortitude Advisory Group L.L.C. acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 5,187 shares of the company’s stock, valued at approximately $349,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its holdings in shares of Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after acquiring an additional 255 shares during the period. Assetmark Inc. boosted its holdings in shares of Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after buying an additional 257 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after buying an additional 351 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after acquiring an additional 478 shares during the last quarter. Finally, US Bancorp DE raised its holdings in shares of Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after purchasing an additional 649 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,618,602 shares in the company, valued at $418,605,499.14. This trade represents a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lip Bu Tan sold 3,799 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value 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. The trade was a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,203,804 shares of company stock valued at $83,293,192 over the last quarter. 16.04% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of research reports. Craig Hallum raised their target price 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. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Mizuho boosted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Stifel Nicolaus raised their target price 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. Finally, TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

Credo Technology Group Stock Down 30.8 %

Shares of CRDO opened at $55.68 on Tuesday. The business has a 50-day simple moving average of $66.70 and a two-hundred day simple moving average of $44.95. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The stock has a market cap of $9.31 billion, a PE ratio of -371.21 and a beta of 2.11.

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.