Credo Technology Group Holding Ltd (NASDAQ:CRDO) Short Interest Down 5.7% in December

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

Insider Activity at Credo Technology Group

In related news, Director Lip Bu Tan sold 100,000 shares of Credo Technology Group stock in a transaction on Friday, October 4th. The shares were sold at an average price of $32.10, for a total transaction of $3,210,000.00. Following the sale, the director now owns 2,413,725 shares of the company’s stock, valued at $77,480,572.50. The trade was a 3.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $31.07, for a total transaction of $1,708,850.00. Following the completion of the transaction, the chief technology officer now owns 8,948,602 shares in the company, valued at $278,033,064.14. This represents a 0.61 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,208,341 shares of company stock worth $58,084,978. 16.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Assetmark Inc. lifted its stake in Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after buying an additional 257 shares during the last quarter. Advisors Asset Management Inc. lifted its position in Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after purchasing an additional 478 shares during the last quarter. US Bancorp DE boosted its stake in Credo Technology Group by 4.2% during the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after purchasing an additional 649 shares during the period. PDT Partners LLC grew its position 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 purchasing an additional 652 shares during the last quarter. Finally, Allworth Financial LP increased its stake in shares of Credo Technology Group by 917.9% in 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. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Down 3.4 %

CRDO stock traded down $2.39 during midday trading on Wednesday, reaching $67.21. The company had a trading volume of 2,740,299 shares, compared to its average volume of 2,488,592. The firm has a market capitalization of $11.24 billion, a PE ratio of -448.07 and a beta of 2.26. The stock has a 50 day moving average price of $54.60 and a 200 day moving average price of $39.18. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $78.97.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Mizuho upped their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Roth Mkm upped 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. TD Cowen raised their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus restated a “buy” rating and issued a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research note on Tuesday, December 3rd. Finally, Susquehanna started coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

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.