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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the target of a significant drop in short interest in October. As of October 15th, there was short interest totalling 6,940,000 shares, a drop of 6.8% from the September 30th total of 7,450,000 shares. Currently, 5.2% of the shares of the stock are sold short. Based on an average daily volume of 2,370,000 shares, the short-interest ratio is presently 2.9 days.

Credo Technology Group Stock Down 6.1 %

Shares of NASDAQ CRDO opened at $37.70 on Friday. The company’s fifty day moving average is $33.13 and its 200-day moving average is $28.01. The stock has a market cap of $6.26 billion, a price-to-earnings ratio of -250.81 and a beta of 2.24. Credo Technology Group has a twelve month low of $13.53 and a twelve month high of $41.92.

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 the consensus estimate of ($0.03) by ($0.03). The company 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 12.05% and a negative return on equity of 3.74%. On average, research analysts anticipate that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of recent research reports. Roth Mkm raised their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group raised their price objective on shares of 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 raised their price objective 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 raised shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $36.56.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 9,223,602 shares of the company’s stock, valued at $252,081,042.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 9,223,602 shares of the company’s stock, valued at $252,081,042.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the sale, the director now directly owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,389,817 shares of company stock valued at $44,436,836 over the last quarter. Corporate insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in CRDO. Swedbank AB lifted its position in Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares in the last quarter. Vanguard Group Inc. lifted its position in Credo Technology Group by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after acquiring an additional 1,072,301 shares in the last quarter. TimesSquare Capital Management LLC bought a new stake in Credo Technology Group in the 1st quarter valued at $22,535,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Credo Technology Group by 290.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock valued at $25,096,000 after buying an additional 881,344 shares during the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in Credo Technology Group in the 1st quarter valued at $17,847,000. 80.46% of the stock is owned by institutional investors.

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.