Credo Technology Group Holding Ltd (NASDAQ:CRDO) Short Interest Down 10.5% in January

Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 6,960,000 shares, a decline of 10.5% from the January 15th total of 7,780,000 shares. Based on an average trading volume of 4,550,000 shares, the days-to-cover ratio is currently 1.5 days. Approximately 4.9% of the shares of the company are short sold.

Insider Buying and Selling at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the transaction, the director now directly owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. This represents a 0.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the transaction, the chief financial officer now directly owns 656,456 shares of the company’s stock, valued at approximately $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

Large investors have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC purchased a new stake in Credo Technology Group in the 4th quarter valued at $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group in the 4th quarter valued at $43,000. Principal Securities Inc. grew its holdings in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the period. Allworth Financial LP grew its holdings in shares of Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the period. Finally, Quarry LP purchased a new position in shares of Credo Technology Group during the 4th quarter worth $58,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Trading Up 6.4 %

NASDAQ:CRDO traded up $4.54 during trading hours on Tuesday, hitting $75.24. The company had a trading volume of 4,393,139 shares, compared to its average volume of 5,302,230. The company has a 50-day moving average of $72.16 and a 200 day moving average of $49.55. The company has a market cap of $12.58 billion, a P/E ratio of -501.60 and a beta of 2.09. Credo Technology Group has a 1 year low of $16.82 and a 1 year high of $86.69.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CRDO. Susquehanna began coverage on Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Barclays upped their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and upped their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. 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, December 3rd. Finally, Stifel Nicolaus boosted their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $76.40.

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.