Tidal Investments LLC Buys New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Tidal Investments LLC purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 40,089 shares of the company's stock, valued at approximately $2,694,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRDO. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after buying an additional 909,578 shares in the last quarter. HB Wealth Management LLC bought a new stake in shares of Credo Technology Group during the 4th quarter worth about $262,000. Nisa Investment Advisors LLC raised its position in shares of Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after buying an additional 255 shares in the last quarter. Finley Financial LLC bought a new stake in shares of Credo Technology Group during the 4th quarter worth about $173,000. Finally, Janney Montgomery Scott LLC bought a new stake in shares of Credo Technology Group during the 4th quarter worth about $353,000. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Price Performance

CRDO traded up $2.87 on Tuesday, reaching $64.65. 1,103,572 shares of the company traded hands, compared to its average volume of 3,710,549. The stock's 50 day moving average price is $46.12 and its 200-day moving average price is $57.05. Credo Technology Group Holding Ltd has a 52-week low of $19.72 and a 52-week high of $86.69. The company has a market cap of $10.98 billion, a price-to-earnings ratio of -430.53 and a beta of 2.29.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of the business's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total value of $6,113,000.00. Following the completion of the sale, the chief operating officer now directly owns 1,000,000 shares in the company, valued at approximately $61,130,000. The trade was a 9.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the completion of the sale, the chief financial officer now owns 608,602 shares of the company's stock, valued at $24,800,531.50. The trade was a 0.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 573,665 shares of company stock valued at $25,908,531. Corporate insiders own 16.04% of the company's stock.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research reports. Stifel Nicolaus dropped their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Barclays dropped their target price on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Mizuho dropped their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, Bank of America dropped their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price 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.