Polymer Capital Management HK LTD Buys Shares of 54,609 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Polymer Capital Management HK LTD purchased a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, Holdings Channel.com reports. The firm purchased 54,609 shares of the company’s stock, valued at approximately $3,670,000.

Several other large investors have also recently made changes to their positions in the stock. Federated Hermes Inc. purchased a new position in Credo Technology Group in the fourth quarter valued at about $17,900,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Credo Technology Group in the 4th quarter worth approximately $82,000. MIG Capital LLC bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $336,000. Envestnet Asset Management Inc. lifted its position in Credo Technology Group by 14.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 73,634 shares of the company’s stock valued at $4,949,000 after acquiring an additional 9,131 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. acquired a new stake in Credo Technology Group in the fourth quarter valued at approximately $740,000. 80.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRDO. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Stifel Nicolaus increased their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Mizuho lowered their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, Bank of America lowered their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $74.60.

Credo Technology Group Trading Down 10.3 %

Shares of NASDAQ:CRDO opened at $33.30 on Friday. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The company’s 50 day moving average is $56.25 and its 200 day moving average is $54.13. The company has a market cap of $5.65 billion, a PE ratio of -222.00 and a beta of 2.30.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $73.26, for a total transaction of $7,326,000.00. Following the transaction, the chief operating officer now owns 200,000 shares in the company, valued at $14,652,000. This trade represents a 33.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the business’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 completion of the sale, the director now directly owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 980,665 shares of company stock worth $65,566,692 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

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.