Wesbanco Bank Inc. Buys 4,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Wesbanco Bank Inc. raised its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 25.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,535 shares of the company’s stock after acquiring an additional 4,000 shares during the period. Wesbanco Bank Inc.’s holdings in Credo Technology Group were worth $1,313,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Janney Montgomery Scott LLC purchased a new position in shares of Credo Technology Group during the fourth quarter valued at about $353,000. Finley Financial LLC purchased a new position in Credo Technology Group during the 4th quarter valued at approximately $173,000. Nisa Investment Advisors LLC grew its holdings in Credo Technology Group by 8.3% during 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 in the last quarter. Oak Ridge Investments LLC bought a new stake in Credo Technology Group in the 4th quarter worth approximately $3,399,000. Finally, HB Wealth Management LLC purchased a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $262,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Activity

In other news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the transaction, the chief operating officer now owns 400,000 shares of the company’s stock, valued at $27,212,000. The trade was a 20.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the sale, the chief technology officer now directly owns 8,728,602 shares of the company’s stock, valued at $413,473,876.74. The trade was a 0.63 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,203,804 shares of company stock worth $83,293,192. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Trading Down 1.5 %

NASDAQ:CRDO opened at $84.18 on Friday. The stock has a fifty day simple moving average of $65.04 and a 200-day simple moving average of $44.15. The company has a market cap of $14.08 billion, a price-to-earnings ratio of -561.20 and a beta of 2.11. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of recent research reports. Needham & Company LLC upped their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Mizuho increased their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Barclays boosted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. The Goldman Sachs Group raised their price objective 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. Finally, Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $76.40.

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.