Tidal Investments LLC Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Tidal Investments LLC acquired a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 40,089 shares of the company’s stock, valued at approximately $2,694,000.

Other hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. HB Wealth Management LLC purchased a new stake in Credo Technology Group during the fourth quarter valued at $262,000. Nisa Investment Advisors LLC increased its position in Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after acquiring an additional 255 shares during the last quarter. Finley Financial LLC purchased a new stake in Credo Technology Group during the fourth quarter valued at $173,000. Finally, Janney Montgomery Scott LLC purchased a new stake in Credo Technology Group during the fourth quarter valued at $353,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $46.01, for a total value of $86,268.75. Following the completion of the sale, the director now owns 5,900,527 shares in the company, valued at approximately $271,483,247.27. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00. Following the completion of the transaction, the chief technology officer now owns 8,103,602 shares of the company’s stock, valued at $383,219,338.58. The trade was a 0.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 573,665 shares of company stock worth $25,908,531. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Trading Down 2.7%

NASDAQ CRDO opened at $60.45 on Thursday. Credo Technology Group Holding Ltd has a 12 month low of $18.98 and a 12 month high of $86.69. The stock has a market cap of $10.26 billion, a price-to-earnings ratio of -403.00 and a beta of 2.29. The company’s 50 day moving average is $45.19 and its two-hundred day moving average is $56.52.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Bank of America cut their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Stifel Nicolaus cut their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Barclays lowered their target price on Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Finally, Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $71.50.

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.