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

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

Credo Technology Group Stock Up 1.7 %

Shares of CRDO traded up $0.61 during trading hours on Wednesday, reaching $36.99. 1,978,905 shares of the company traded hands, compared to its average volume of 2,237,622. The company’s fifty day moving average price is $31.01 and its two-hundred day moving average price is $26.70. The company has a market capitalization of $6.11 billion, a price-to-earnings ratio of -202.11 and a beta of 2.24. Credo Technology Group has a 12 month low of $13.38 and a 12 month high of $40.37.

Credo Technology Group (NASDAQ:CRDO) last announced its 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 net margin of 12.05% and a negative return on equity of 3.74%. The company had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. On average, analysts expect that Credo Technology Group will post -0.02 EPS for the current year.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 15,281 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $39.05, for a total value of $596,723.05. Following the transaction, the director now directly owns 1,748,444 shares in the company, valued at $68,276,738.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 15,281 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $39.05, for a total transaction of $596,723.05. Following the completion of the sale, the director now directly owns 1,748,444 shares in the company, valued at approximately $68,276,738.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,444,817 shares of company stock worth $45,366,886. 23.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRDO. Arcadia Investment Management Corp MI purchased a new position in Credo Technology Group in the second quarter worth about $29,000. Fifth Third Bancorp raised its holdings in shares of Credo Technology Group by 59.3% during the second 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 last quarter. Covestor Ltd raised its holdings in shares of Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares during the last quarter. CWM LLC grew its position 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 period. Finally, Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group during the second quarter valued at approximately $51,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on CRDO. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Bank of America increased their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th. Craig Hallum increased their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, Mizuho increased their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $35.44.

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.