Bryce Point Capital LLC Makes New Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Bryce Point Capital LLC purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, HoldingsChannel reports. The fund purchased 22,924 shares of the company’s stock, valued at approximately $1,541,000.

A number of other institutional investors have also modified their holdings of the company. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group in the fourth quarter worth $43,000. Principal Securities Inc. lifted its holdings in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the last quarter. Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group in the 4th quarter worth $61,000. Finally, GAMMA Investing LLC grew its stake in Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,448,602 shares of the company’s stock, valued at $584,812,230.44. The trade was a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $72.61, for a total transaction of $275,191.90. Following the completion of the transaction, the chief financial officer now owns 638,564 shares of the company’s stock, valued at approximately $46,366,132.04. This represents a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,030,665 shares of company stock worth $69,289,092. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Stock Up 3.9 %

Shares of CRDO stock opened at $41.72 on Wednesday. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The stock has a market cap of $7.08 billion, a PE ratio of -278.13 and a beta of 2.16. The business has a 50-day simple moving average of $58.98 and a 200-day simple moving average of $54.10.

Analysts Set New Price Targets

CRDO has been the subject of a number of research analyst reports. Mizuho increased their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Needham & Company LLC reissued a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. The Goldman Sachs Group lifted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, Craig Hallum raised their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $74.90.

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.