Short Interest in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Increases By 6.7%

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 7,450,000 shares, a growth of 6.7% from the September 15th total of 6,980,000 shares. Based on an average daily trading volume, of 2,350,000 shares, the short-interest ratio is presently 3.2 days. Approximately 5.6% of the shares of the company are sold short.

Credo Technology Group Price Performance

Credo Technology Group stock traded up $0.62 during mid-day trading on Thursday, hitting $37.61. 2,256,406 shares of the company were exchanged, compared to its average volume of 2,237,234. Credo Technology Group has a 12-month low of $13.38 and a 12-month high of $40.37. The company has a market capitalization of $6.21 billion, a P/E ratio of -205.50 and a beta of 2.24. The business’s 50 day simple moving average is $31.26 and its two-hundred day simple moving average is $26.78.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The company had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. Equities research analysts predict that Credo Technology Group will post -0.02 earnings per share for the current year.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $29.30, for a total transaction of $1,611,500.00. Following the transaction, the chief technology officer now owns 9,333,602 shares of the company’s stock, valued at $273,474,538.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $38.41, for a total value of $384,100.00. Following the completion of the sale, the chief operating officer now owns 2,872,672 shares of the company’s stock, valued at approximately $110,339,331.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $29.30, for a total transaction of $1,611,500.00. Following the sale, the chief technology officer now owns 9,333,602 shares in the company, valued at $273,474,538.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,444,817 shares of company stock valued at $45,366,886. Insiders own 23.89% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of CRDO. Fifth Third Bancorp raised its holdings in Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares during the last quarter. CWM LLC increased its stake in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in Credo Technology Group during the second quarter worth about $29,000. SeaCrest Wealth Management LLC boosted its stake in Credo Technology Group by 8.3% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 12,261 shares of the company’s stock worth $378,000 after buying an additional 938 shares during the last quarter. Finally, Diversified Trust Co grew its holdings in Credo Technology Group by 4.3% in the 3rd quarter. Diversified Trust Co now owns 27,954 shares of the company’s stock valued at $861,000 after buying an additional 1,156 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research analyst reports. Barclays boosted their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Stifel Nicolaus boosted their price target on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group raised their price objective on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Bank of America boosted their target price on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. Finally, Roth Mkm raised their price target on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $35.44.

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.