Arcadia Investment Management Corp MI Invests $86,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Arcadia Investment Management Corp MI purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,275 shares of the company’s stock, valued at approximately $86,000.

Several other institutional investors have also recently bought and sold shares of the business. CWM LLC grew its holdings in shares of Credo Technology Group by 105.7% during the third quarter. CWM LLC now owns 2,787 shares of the company’s stock worth $86,000 after purchasing an additional 1,432 shares during the last quarter. Creative Planning acquired a new position in Credo Technology Group during the 3rd quarter worth about $359,000. Dakota Wealth Management bought a new stake in Credo Technology Group during the 3rd quarter worth about $237,000. Allworth Financial LP increased its position in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares in the last quarter. Finally, KP Management LLC bought a new position in shares of Credo Technology Group in the third quarter worth about $2,772,000. Institutional investors own 80.46% of the company’s stock.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the completion of the transaction, the chief technology officer now owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. The trade was a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,305,679 shares of company stock valued at $89,862,242 in the last ninety days. 16.04% of the stock is owned by insiders.

Credo Technology Group Trading Down 6.3 %

NASDAQ:CRDO opened at $66.78 on Friday. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69. The firm has a market capitalization of $11.17 billion, a price-to-earnings ratio of -445.20 and a beta of 2.09. The business’s 50-day moving average price is $72.26 and its two-hundred day moving average price is $50.50.

Analysts Set New Price Targets

Several analysts have recently commented on CRDO shares. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Needham & Company LLC increased their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. TD Cowen boosted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays raised their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $27.00 to $80.00 in a research 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $76.40.

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.