Cranbrook Wealth Management LLC Invests $51,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Cranbrook Wealth Management LLC bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,609 shares of the company’s stock, valued at approximately $51,000.

Several other hedge funds have also added to or reduced their stakes in CRDO. Amalgamated Bank increased its position in Credo Technology Group by 9.7% during the 4th quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after buying an additional 1,454 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Credo Technology Group by 13.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock worth $18,658,000 after purchasing an additional 111,957 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Credo Technology Group by 20.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,573,707 shares of the company’s stock valued at $30,642,000 after buying an additional 262,659 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Credo Technology Group during the fourth quarter worth approximately $892,000. Finally, Trexquant Investment LP acquired a new stake in Credo Technology Group during the fourth quarter worth approximately $522,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CRDO shares. Needham & Company LLC increased their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Craig Hallum raised their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Stifel Nicolaus raised their target price on Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Credo Technology Group Stock Down 2.6 %

Shares of CRDO opened at $27.76 on Tuesday. The business has a 50-day simple moving average of $29.80 and a two-hundred day simple moving average of $25.10. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $36.80. The stock has a market cap of $4.59 billion, a PE ratio of -154.22 and a beta of 2.26.

Insider Activity

In other Credo Technology Group news, Director Lip Bu Tan sold 45,476 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the sale, the director now directly owns 39,736 shares of the company’s stock, valued at approximately $1,262,015.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Lip Bu Tan sold 45,476 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the completion of the transaction, the director now directly owns 39,736 shares of the company’s stock, valued at approximately $1,262,015.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $27.49, for a total value of $1,511,950.00. Following the completion of the sale, the chief technology officer now owns 9,498,602 shares in the company, valued at approximately $261,116,568.98. The disclosure for this sale can be found here. Insiders sold 981,190 shares of company stock valued at $29,481,347 over the last quarter. 23.89% of the stock is owned by company insiders.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.