B. Riley Wealth Advisors Inc. Makes New $498,000 Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

B. Riley Wealth Advisors Inc. bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 7,404 shares of the company's stock, valued at approximately $498,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CRDO. JPMorgan Chase & Co. raised its position in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after buying an additional 909,578 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock valued at $225,000 after buying an additional 255 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in Credo Technology Group in the 4th quarter valued at $353,000. KBC Group NV raised its position in Credo Technology Group by 48.1% in the 4th quarter. KBC Group NV now owns 5,661 shares of the company's stock valued at $380,000 after buying an additional 1,839 shares during the last quarter. Finally, Pacer Advisors Inc. raised its position in Credo Technology Group by 30.2% in the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock valued at $263,000 after buying an additional 907 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated 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 of the company's stock, valued at approximately $271,483,247.27. This trade represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated 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 directly owns 608,602 shares of the company's stock, valued at approximately $24,800,531.50. This trade represents a 0.62% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 473,665 shares of company stock valued at $19,795,531. 16.04% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CRDO shares. Bank of America decreased their target price on 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. Barclays decreased their target price on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Mizuho decreased their target price on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Stifel Nicolaus decreased their target price on 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. Finally, Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $71.50.

Credo Technology Group Stock Down 5.2%

CRDO traded down $3.29 during trading hours on Friday, hitting $60.54. The stock had a trading volume of 4,679,615 shares, compared to its average volume of 3,687,865. The company's fifty day simple moving average is $47.29 and its 200 day simple moving average is $57.43. Credo Technology Group Holding Ltd has a 1 year low of $22.50 and a 1 year high of $86.69. The stock has a market cap of $10.28 billion, a PE ratio of -403.60 and a beta of 2.29.

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.