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

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

Credo Technology Group Price Performance

Shares of CRDO opened at $40.43 on Friday. The firm has a 50 day simple moving average of $33.18 and a two-hundred day simple moving average of $28.07. The company has a market cap of $6.71 billion, a P/E ratio of -252.69 and a beta of 2.24. Credo Technology Group has a one year low of $14.01 and a one year high of $41.92.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (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 analysts’ expectations of $59.50 million. On average, analysts expect that Credo Technology Group will post -0.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CRDO. Bank of America lifted their target price on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. Barclays boosted their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Mizuho boosted their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Craig Hallum lifted their price target on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Finally, Roth Mkm lifted their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.56.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the transaction, the chief technology officer now owns 8,838,602 shares of the company’s stock, valued at $346,826,742.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the sale, the chief executive officer now directly owns 2,529,738 shares in the company, valued at $65,140,753.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00. Following the sale, the chief technology officer now owns 8,838,602 shares of the company’s stock, valued at $346,826,742.48. This represents a 0.00 % decrease in their ownership of the stock. 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 in the last three months. 16.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP lifted its position in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in Credo Technology Group during the 2nd quarter worth approximately $29,000. Fifth Third Bancorp grew its position 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 purchasing an additional 400 shares during the last quarter. CWM LLC lifted its stake in Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC acquired a new stake in Credo Technology Group during the 2nd quarter valued at approximately $51,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.