Numerai GP LLC Reduces Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Numerai GP LLC lessened its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 87.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,415 shares of the company's stock after selling 108,561 shares during the quarter. Numerai GP LLC's holdings in Credo Technology Group were worth $1,036,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Proficio Capital Partners LLC purchased a new position in Credo Technology Group in the 4th quarter worth approximately $700,000. Pacer Advisors Inc. boosted its stake in Credo Technology Group by 30.2% in 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. boosted 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 acquiring an additional 43,169 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Credo Technology Group by 3.4% in the fourth quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock worth $1,316,000 after buying an additional 635 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Credo Technology Group by 7.0% during the fourth quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company's stock worth $37,798,000 after purchasing an additional 36,949 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Down 0.9%

Shares of NASDAQ CRDO traded down $0.55 during midday trading on Tuesday, hitting $61.41. 1,023,559 shares of the company's stock were exchanged, compared to its average volume of 3,679,961. The company has a market cap of $10.43 billion, a price-to-earnings ratio of -410.69 and a beta of 2.29. The business's fifty day moving average price is $44.62 and its two-hundred day moving average price is $56.45. Credo Technology Group Holding Ltd has a 12-month low of $18.54 and a 12-month high of $86.69.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Mizuho cut their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Stifel Nicolaus cut their price target on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, Bank of America dropped their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $71.50.

Insider Activity

In other Credo Technology Group news, insider James Laufman sold 8,000 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the sale, the insider now owns 271,725 shares of the company's stock, valued at approximately $10,621,730.25. This trade represents a 2.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $46.01, for a total transaction of $86,268.75. Following the completion of the transaction, the director now owns 5,900,527 shares of the company's stock, valued at approximately $271,483,247.27. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 573,665 shares of company stock valued at $25,908,531 over the last three months. Insiders own 16.04% of the company's stock.

Credo Technology Group Company 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.