Mutual of America Capital Management LLC Cuts Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Mutual of America Capital Management LLC decreased its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 21.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,987 shares of the company’s stock after selling 22,222 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Credo Technology Group were worth $5,376,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Kestra Investment Management LLC purchased a new stake in Credo Technology Group during the 4th quarter worth about $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group during the 4th quarter worth about $43,000. Principal Securities Inc. increased its holdings in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the period. Rakuten Securities Inc. purchased a new stake in Credo Technology Group during the 3rd quarter worth about $30,000. Finally, GAMMA Investing LLC increased its holdings in Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 3,799 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27. Following the completion of the sale, the director now directly owns 1,709,926 shares of the company’s stock, valued at approximately $120,943,065.98. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the sale, the chief operating officer now directly owns 400,000 shares of the company’s stock, valued at $27,212,000. The trade was a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,338,175 shares of company stock valued at $92,697,698 in the last three months. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Stock Down 8.6 %

Shares of NASDAQ CRDO opened at $50.42 on Tuesday. The stock has a market cap of $8.43 billion, a PE ratio of -336.13 and a beta of 2.09. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The business has a 50-day moving average price of $70.63 and a 200 day moving average price of $52.03.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRDO. Needham & Company LLC increased their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Barclays increased their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, Susquehanna began coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective on the stock. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

Credo Technology Group 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.