Credo Technology Group Holding Ltd (NASDAQ:CRDO) Sees Large Decline in Short Interest

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 7,320,000 shares, a decrease of 10.6% from the August 15th total of 8,190,000 shares. Approximately 5.6% of the company’s shares are sold short. Based on an average daily trading volume, of 2,290,000 shares, the short-interest ratio is currently 3.2 days.

Insider Activity at Credo Technology Group

In other news, Director Lip Bu Tan sold 245,438 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the sale, the director now owns 2,863,725 shares of the company’s stock, valued at $93,557,895.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the completion of the transaction, the director now owns 2,863,725 shares in the company, valued at $93,557,895.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the sale, the chief technology officer now owns 9,058,602 shares in the company, valued at $255,633,748.44. The disclosure for this sale can be found here. Insiders sold a total of 1,036,190 shares of company stock worth $31,033,447 in the last quarter. Corporate insiders own 23.89% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Ulland Investment Advisors LLC bought a new stake in Credo Technology Group in the first quarter valued at approximately $29,000. Arcadia Investment Management Corp MI bought a new stake in Credo Technology Group in the 2nd quarter valued at $29,000. Fifth Third Bancorp lifted its holdings in Credo Technology Group by 59.3% during the 2nd 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 boosted its position in Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after purchasing an additional 1,924 shares during the period. Finally, CWM LLC increased its holdings in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRDO. Craig Hallum upped their price objective on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. The Goldman Sachs Group upped their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a report on Monday. Roth Mkm increased their target price on shares of Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. One 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.00.

Credo Technology Group Trading Down 1.9 %

Shares of CRDO traded down $0.52 during midday trading on Tuesday, reaching $27.24. The stock had a trading volume of 2,058,563 shares, compared to its average volume of 2,231,935. The firm has a market cap of $4.50 billion, a PE ratio of -154.22 and a beta of 2.26. The firm has a 50 day simple moving average of $29.80 and a 200-day simple moving average of $25.10. Credo Technology Group has a one year low of $13.38 and a one year high of $36.80.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.