Hillsdale Investment Management Inc. Sells 70,240 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Hillsdale Investment Management Inc. lowered its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 42.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 95,280 shares of the company’s stock after selling 70,240 shares during the period. Hillsdale Investment Management Inc. owned approximately 0.06% of Credo Technology Group worth $6,404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new stake in Credo Technology Group in the third quarter worth about $3,948,000. Wellington Management Group LLP lifted its stake in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the last quarter. Centiva Capital LP purchased a new position in shares of Credo Technology Group during the third quarter worth approximately $553,000. Charles Schwab Investment Management Inc. increased its position in shares of Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after acquiring an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after acquiring an additional 118,169 shares during the period. Institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction on Monday, December 30th. The shares were sold at an average price of $69.52, for a total value of $6,952,000.00. Following the transaction, the chief operating officer now directly owns 300,000 shares of the company’s stock, valued at approximately $20,856,000. The trade was a 25.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, March 17th. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the sale, the chief technology officer now owns 8,103,602 shares of the company’s stock, valued at $383,219,338.58. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,065,665 shares of company stock valued at $73,051,442. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Trading Down 0.3 %

NASDAQ CRDO opened at $46.34 on Friday. The firm’s fifty day simple moving average is $63.41 and its two-hundred day simple moving average is $52.91. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The firm has a market capitalization of $7.87 billion, a P/E ratio of -308.93 and a beta of 2.16.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Barclays raised their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Mizuho raised their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Bank of America reduced their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Finally, TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 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 issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target 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.