ExodusPoint Capital Management LP Boosts Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

ExodusPoint Capital Management LP boosted its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 338.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 90,914 shares of the company’s stock after purchasing an additional 70,180 shares during the period. ExodusPoint Capital Management LP owned about 0.05% of Credo Technology Group worth $6,110,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CRDO. JPMorgan Chase & Co. lifted its stake in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Credo Technology Group by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock valued at $222,884,000 after acquiring an additional 138,686 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of 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 acquiring an additional 705,512 shares during the period. Principal Financial Group Inc. grew its position in shares of Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Finally, Norges Bank bought a new stake in Credo Technology Group during the 4th quarter valued at approximately $117,242,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 10.3 %

Credo Technology Group stock opened at $33.30 on Friday. 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 $5.65 billion, a PE ratio of -222.00 and a beta of 2.30. The firm has a 50-day moving average price of $56.25 and a 200-day moving average price of $54.13.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CRDO shares. Stifel Nicolaus increased their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Bank of America cut their price objective 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. Barclays increased their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Mizuho lowered their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $74.60.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $72.09, for a total value of $4,325,400.00. Following the completion of the sale, the chief technology officer now directly owns 8,388,602 shares of the company’s stock, valued at $604,734,318.18. The trade was a 0.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total transaction of $430,800.00. Following the transaction, the chief operating officer now directly owns 2,792,447 shares in the company, valued at approximately $120,298,616.76. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 980,665 shares of company stock worth $65,566,692 over the last 90 days. Company insiders own 16.04% of the company’s stock.

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.