Bryce Point Capital LLC Purchases Shares of 22,924 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Bryce Point Capital LLC acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 22,924 shares of the company’s stock, valued at approximately $1,541,000.

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Bank of America lowered their price target 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. Mizuho boosted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, Craig Hallum upped their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and an average price target of $74.90.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $41.72 on Wednesday. The company has a market capitalization of $7.08 billion, a PE ratio of -278.13 and a beta of 2.16. The company has a 50 day moving average price of $58.98 and a 200-day moving average price of $54.10. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the transaction, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the sale, the chief operating officer now directly owns 2,802,447 shares of the company’s stock, valued at approximately $126,754,677.81. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,030,665 shares of company stock worth $69,289,092 in the last ninety days. 16.04% of the stock is owned by company insiders.

Credo Technology Group 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.