Tairen Capital Ltd Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Tairen Capital Ltd bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 13,600 shares of the company’s stock, valued at approximately $434,000. Credo Technology Group makes up 0.0% of Tairen Capital Ltd’s portfolio, making the stock its 25th largest holding.

Other institutional investors have also added to or reduced their stakes in the company. Arcadia Investment Management Corp MI bought a new stake in shares of Credo Technology Group in the 2nd quarter worth approximately $29,000. Fifth Third Bancorp raised its stake in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. CWM LLC lifted its position in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares during the period. Ulland Investment Advisors LLC acquired a new stake in Credo Technology Group during the first quarter worth $29,000. Finally, Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group in the 2nd quarter valued at $51,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Credo Technology Group news, Director Lip Bu Tan sold 6,110 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $31.33, for a total value of $191,426.30. Following the completion of the transaction, the director now directly owns 3,125,061 shares of the company’s stock, valued at $97,908,161.13. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $32.06, for a total value of $1,763,300.00. Following the transaction, the chief technology officer now owns 9,113,602 shares in the company, valued at $292,182,080.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lip Bu Tan sold 6,110 shares of Credo Technology Group stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $31.33, for a total value of $191,426.30. Following the completion of the sale, the director now owns 3,125,061 shares of the company’s stock, valued at $97,908,161.13. The disclosure for this sale can be found here. Insiders have sold a total of 981,190 shares of company stock valued at $29,521,497 in the last 90 days. 23.89% of the stock is currently owned by insiders.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $29.18 on Monday. The stock’s fifty day moving average is $29.56 and its 200-day moving average is $25.28. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $36.80. The stock has a market capitalization of $4.82 billion, a PE ratio of -162.11 and a beta of 2.26.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Craig Hallum raised their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock 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 note on Monday, September 16th. Barclays upped their price objective on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. The Goldman Sachs Group raised their target price on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, Stifel Nicolaus boosted their price target on Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $34.00.

Credo Technology Group 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.