Harvest Fund Management Co. Ltd Makes New $2.02 Million Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Harvest Fund Management Co. Ltd purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,349 shares of the company’s stock, valued at approximately $2,020,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRDO. Brown Brothers Harriman & Co. increased its position in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in Credo Technology Group in the fourth quarter worth about $38,000. WASHINGTON TRUST Co purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $43,000. Principal Securities Inc. grew its position in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in shares of Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after purchasing an additional 1,399 shares in the last quarter. Hedge funds and other 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 firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the completion of the sale, the chief technology officer now directly owns 8,508,602 shares of the company’s stock, valued at approximately $578,925,280.08. This trade represents a 0.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the sale, the director now directly owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,241,706 shares of company stock valued at $85,031,428 in the last ninety days. Insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $46.77 on Thursday. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of -311.80 and a beta of 2.16. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69. The business has a 50 day simple moving average of $64.49 and a 200-day simple moving average of $52.88.

Analyst Ratings Changes

Several analysts recently issued reports on the company. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Craig Hallum increased their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Stifel Nicolaus increased their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, Mizuho increased their target price on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and an average target price of $74.90.

About Credo Technology Group

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.