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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the recipient of a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 7,940,000 shares, an increase of 11.4% from the December 15th total of 7,130,000 shares. Based on an average daily volume of 3,430,000 shares, the short-interest ratio is presently 2.3 days. Approximately 5.9% of the shares of the company are sold short.

Credo Technology Group Stock Up 5.8 %

Shares of Credo Technology Group stock traded up $4.42 during trading on Friday, hitting $80.02. 6,453,006 shares of the company were exchanged, compared to its average volume of 3,286,705. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $82.00. The firm has a 50 day moving average price of $62.88 and a 200 day moving average price of $43.08. The stock has a market capitalization of $13.38 billion, a price-to-earnings ratio of -533.47 and a beta of 2.11.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the transaction, the chief technology officer now owns 8,728,602 shares of the company’s stock, valued at approximately $413,473,876.74. The trade was a 0.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 3,799 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total value of $268,703.27. Following the sale, the director now directly owns 1,709,926 shares of the company’s stock, valued at approximately $120,943,065.98. This represents a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,188,804 shares of company stock worth $79,811,292 in the last 90 days. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently made changes to their positions in the stock. Allworth Financial LP grew its stake in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares during the period. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group in the third quarter valued at $30,000. Brown Brothers Harriman & Co. increased its stake in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares during the last quarter. Larson Financial Group LLC lifted its position in Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after buying an additional 1,399 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRDO has been the topic of several recent analyst reports. The Goldman Sachs Group boosted their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Barclays increased their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday. Susquehanna began coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price on the stock. Roth Mkm increased their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Mizuho boosted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average 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.