Polymer Capital Management US LLC Invests $2.57 Million in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Polymer Capital Management US LLC purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 38,200 shares of the company’s stock, valued at approximately $2,567,000.

A number of other institutional investors also recently bought and sold shares of the stock. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $43,000. Principal Securities Inc. grew its stake in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the period. Plato Investment Management Ltd purchased a new position in Credo Technology Group during the fourth quarter valued at $61,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Credo Technology Group by 56.3% during the 4th 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. 80.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $72.69, for a total value of $10,903,500.00. Following the sale, the director now owns 963,725 shares in the company, valued at approximately $70,053,170.25. This trade represents a 13.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $43.08, for a total transaction of $430,800.00. Following the sale, the chief operating officer now owns 2,792,447 shares of the company’s stock, valued at approximately $120,298,616.76. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 830,665 shares of company stock worth $54,153,192. 16.04% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on CRDO. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Bank of America cut their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Stifel Nicolaus lifted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $74.60.

Credo Technology Group Trading Down 10.3 %

Credo Technology Group stock opened at $33.30 on Monday. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of -222.00 and a beta of 2.30. 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 fifty day simple moving average of $56.25 and a two-hundred day simple moving average of $54.32.

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.