Short Interest in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Increases By 11.3%

Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 6,600,000 shares, a growth of 11.3% from the October 31st total of 5,930,000 shares. Based on an average daily trading volume, of 2,610,000 shares, the short-interest ratio is currently 2.5 days. Approximately 4.9% of the company’s shares are sold short.

Credo Technology Group Stock Up 47.9 %

Shares of CRDO traded up $22.89 during trading hours on Tuesday, reaching $70.69. The stock had a trading volume of 16,608,295 shares, compared to its average volume of 2,346,645. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $72.30. The company’s 50-day moving average is $39.60 and its two-hundred day moving average is $32.37.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. As a group, sell-side analysts anticipate that Credo Technology Group will post -0.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CRDO shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their target price for the company from $27.00 to $80.00 in a research report on Tuesday. Craig Hallum boosted their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday. Needham & Company LLC boosted their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Barclays boosted their price target on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Buy” and a consensus price target of $63.56.

Insider Activity

In other Credo Technology Group news, CFO Daniel W. Fleming sold 12,504 shares of Credo Technology Group stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.48, for a total transaction of $606,193.92. Following the transaction, the chief financial officer now directly owns 656,456 shares in the company, valued at approximately $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction dated 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 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,337,321 shares of company stock valued at $45,067,180. Company 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 bought and sold shares of the stock. Assetmark Inc. increased its holdings in Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after purchasing an additional 257 shares during the period. Fifth Third Bancorp grew its holdings in 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. Advisors Asset Management Inc. grew its holdings in Credo Technology Group by 11.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after acquiring an additional 478 shares during the period. CWM LLC grew its holdings in 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. Finally, US Bancorp DE grew its holdings 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 acquiring an additional 649 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.