Credo Technology Group Holding Ltd (NASDAQ:CRDO) Short Interest Update

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the recipient of a large decline in short interest during the month of October. As of October 15th, there was short interest totalling 6,940,000 shares, a decline of 6.8% from the September 30th total of 7,450,000 shares. Based on an average daily trading volume, of 2,370,000 shares, the short-interest ratio is presently 2.9 days. Approximately 5.2% of the company’s stock are sold short.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, August 9th. The shares were sold at an average price of $27.33, for a total value of $1,503,150.00. Following the sale, the chief technology officer now directly owns 9,223,602 shares in the company, valued at approximately $252,081,042.66. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $27.67, for a total transaction of $276,700.00. Following the transaction, the chief operating officer now directly owns 2,807,777 shares in the company, valued at $77,691,189.59. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $27.33, for a total transaction of $1,503,150.00. Following the transaction, the chief technology officer now owns 9,223,602 shares in the company, valued at $252,081,042.66. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,389,817 shares of company stock worth $44,436,836. Insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp lifted its holdings in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the period. CWM LLC lifted its holdings in shares of Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the period. US Bancorp DE increased its position in Credo Technology Group by 4.2% during the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after purchasing an additional 649 shares in the last quarter. Allworth Financial LP increased its position in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares in the last quarter. Finally, Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group during the 2nd quarter worth approximately $29,000. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CRDO. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Bank of America upped their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note 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. Mizuho upped their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Barclays boosted their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and an average price target of $36.56.

Credo Technology Group Stock Down 6.1 %

NASDAQ CRDO opened at $37.70 on Friday. The firm has a 50-day moving average price of $33.13 and a two-hundred day moving average price of $28.01. Credo Technology Group has a 12-month low of $13.53 and a 12-month high of $41.92. The company has a market capitalization of $6.26 billion, a P/E ratio of -250.81 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share 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 firm had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Equities analysts expect that Credo Technology Group will post -0.02 EPS for the current year.

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.