Credo Technology Group Holding Ltd (NASDAQ:CRDO) Sees Significant Decrease in Short Interest

Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw a large decline in short interest in the month of December. As of December 15th, there was short interest totalling 7,130,000 shares, a decline of 5.7% from the November 30th total of 7,560,000 shares. Based on an average daily trading volume, of 3,190,000 shares, the short-interest ratio is currently 2.2 days. Currently, 5.3% of the company’s shares are sold short.

Credo Technology Group Trading Down 3.4 %

Shares of Credo Technology Group stock opened at $67.21 on Thursday. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $78.97. The firm’s 50 day simple moving average is $55.17 and its two-hundred day simple moving average is $39.38. The firm has a market capitalization of $11.24 billion, a price-to-earnings ratio of -448.07 and a beta of 2.26.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CRDO. Craig Hallum boosted their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Barclays raised their price objective on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Mizuho boosted their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, Roth Mkm lifted their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.60.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now directly owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. This represents a 5.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $32.10, for a total value of $3,210,000.00. Following the transaction, the director now owns 2,413,725 shares in the company, valued at approximately $77,480,572.50. This represents a 3.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,153,341 shares of company stock valued at $56,376,128 in the last three months. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in the company. Assetmark Inc. grew its stake in Credo Technology Group by 5.4% during the 3rd 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 last quarter. Advisors Asset Management Inc. boosted its position in Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after buying an additional 478 shares during the last quarter. US Bancorp DE boosted its position in Credo Technology Group by 4.2% in the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after buying an additional 649 shares during the last quarter. PDT Partners LLC increased its holdings in Credo Technology Group by 0.7% in the 3rd quarter. PDT Partners LLC now owns 88,720 shares of the company’s stock worth $2,733,000 after buying an additional 652 shares during the period. Finally, Allworth Financial LP raised its position in 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 buying an additional 771 shares during the last quarter. 80.46% of the stock is 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.