PDT Partners LLC Has $6.51 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

PDT Partners LLC raised its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 9.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 96,908 shares of the company's stock after buying an additional 8,188 shares during the quarter. Credo Technology Group comprises 0.6% of PDT Partners LLC's portfolio, making the stock its 10th largest holding. PDT Partners LLC owned approximately 0.06% of Credo Technology Group worth $6,513,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new stake in Credo Technology Group in the 4th quarter worth approximately $700,000. Pacer Advisors Inc. raised its holdings in shares of Credo Technology Group by 30.2% during the fourth quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock valued at $263,000 after acquiring an additional 907 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Credo Technology Group by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock worth $79,289,000 after purchasing an additional 43,169 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock worth $61,415,000 after acquiring an additional 368,518 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its position in Credo Technology Group by 3.4% during the 4th quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock valued at $1,316,000 after acquiring an additional 635 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Needham & Company LLC reissued a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Stifel Nicolaus decreased 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 report on Thursday, April 17th. Mizuho decreased their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Finally, Barclays decreased their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $71.50.

Insider Buying and Selling at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $40.75, for a total value of $154,442.50. Following the completion of the sale, the chief financial officer now owns 608,602 shares in the company, valued at approximately $24,800,531.50. The trade was a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $32.96, for a total value of $1,812,800.00. Following the completion of the sale, the chief technology officer now owns 7,938,602 shares of the company's stock, valued at $261,656,321.92. The trade was a 0.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 518,665 shares of company stock worth $23,306,713 over the last 90 days. Company insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $2.49 during trading hours on Thursday, hitting $45.54. 3,853,925 shares of the company's stock traded hands, compared to its average volume of 3,578,511. Credo Technology Group Holding Ltd has a 1 year low of $16.91 and a 1 year high of $86.69. The business has a fifty day moving average price of $43.77 and a 200-day moving average price of $54.89. The firm has a market capitalization of $7.73 billion, a P/E ratio of -303.60 and a beta of 2.30.

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.