Credo Technology Group Holding Ltd (NASDAQ:CRDO) Sees Significant Drop in Short Interest

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the target of a large decline in short interest in 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 volume of 2,370,000 shares, the days-to-cover ratio is presently 2.9 days. Approximately 5.2% of the company’s stock are sold short.

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Friday, August 9th. The stock was 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 owns 9,223,602 shares in the company, valued at approximately $252,081,042.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the sale, the chief executive officer now owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,389,817 shares of company stock worth $44,436,836. 16.04% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Assetmark Inc. increased its stake in Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after acquiring an additional 257 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of 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 purchasing an additional 400 shares during the period. CWM LLC raised its stake in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares during the last quarter. US Bancorp DE raised its stake in Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after buying an additional 649 shares during the last quarter. Finally, Allworth Financial LP increased its holdings in shares of Credo Technology Group by 917.9% in 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. 80.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CRDO has been the topic of several analyst reports. Mizuho increased their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Barclays increased their target price on 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 increased their target price on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Needham & Company LLC raised their price objective on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Finally, Bank of America raised their price objective on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. One 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.56.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $40.43 on Friday. Credo Technology Group has a 52 week low of $14.01 and a 52 week high of $41.92. The stock has a 50 day moving average price of $33.18 and a two-hundred day moving average price of $28.07. The stock has a market capitalization of $6.71 billion, a PE ratio of -252.69 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last announced 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 net margin of 12.05% and a negative return on equity of 3.74%. The firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Research analysts forecast 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.