KP Management LLC Cuts Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

KP Management LLC lessened its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 44.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 50,000 shares of the company's stock after selling 40,000 shares during the quarter. KP Management LLC's holdings in Credo Technology Group were worth $3,360,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Aquatic Capital Management LLC purchased a new position in Credo Technology Group in the fourth quarter valued at about $1,260,000. Boothbay Fund Management LLC raised its position in Credo Technology Group by 18.0% during the 4th quarter. Boothbay Fund Management LLC now owns 104,194 shares of the company's stock valued at $7,003,000 after purchasing an additional 15,911 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Credo Technology Group during the 4th quarter valued at approximately $7,161,000. Oberweis Asset Management Inc. raised its position in shares of Credo Technology Group by 15.8% in the 4th quarter. Oberweis Asset Management Inc. now owns 959,594 shares of the company's stock worth $64,494,000 after acquiring an additional 131,280 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Credo Technology Group by 441.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after acquiring an additional 795,751 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Up 6.7 %

Credo Technology Group stock traded up $2.88 during midday trading on Thursday, reaching $45.93. The company's stock had a trading volume of 2,384,394 shares, compared to its average volume of 3,564,086. The business has a 50-day simple moving average of $43.77 and a 200-day simple moving average of $54.89. The company has a market cap of $7.80 billion, a P/E ratio of -305.60 and a beta of 2.30. Credo Technology Group Holding Ltd has a fifty-two week low of $16.91 and a fifty-two week high of $86.69.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the company's stock in a transaction 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 sale, the chief financial officer now owns 608,602 shares of the company's stock, valued at approximately $24,800,531.50. This represents a 0.62 % decrease in their ownership of the stock. The transaction 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 stock in a transaction on Monday, March 17th. The shares were sold at an average price of $47.29, for a total value of $2,600,950.00. Following the sale, the chief technology officer now directly owns 8,103,602 shares in the company, valued at approximately $383,219,338.58. The trade was a 0.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 518,665 shares of company stock valued at $23,306,713. 16.04% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Mizuho cut their target price on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Barclays lowered 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. 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. Needham & Company LLC restated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, The Goldman Sachs Group lifted their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, January 10th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of "Buy" and an average price target of $71.50.

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.