Short Interest in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Declines By 43.7%

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) saw a large decline in short interest during the month of June. As of June 30th, there was short interest totaling 5,334,875 shares, a decline of 43.7% from the June 15th total of 9,474,050 shares. Based on an average trading volume of 11,438,300 shares, the short-interest ratio is currently 0.5 days. Approximately 3.2% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRDO. Roth Capital boosted their price objective on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Mizuho raised their target price on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Stifel Nicolaus lifted their target price on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. boosted their price target on Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, June 2nd. Finally, Rosenblatt Securities upped their price target on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $263.11.

Credo Technology Group Stock Performance

Shares of CRDO traded down $8.44 during midday trading on Friday, hitting $199.53. 4,116,578 shares of the company traded hands, compared to its average volume of 7,735,544. The firm has a 50 day moving average of $231.82 and a 200-day moving average of $166.88. Credo Technology Group has a 52 week low of $86.49 and a 52 week high of $308.67. The stock has a market cap of $37.21 billion, a price-to-earnings ratio of 80.08, a PEG ratio of 1.04 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 earnings per share. Sell-side analysts predict that Credo Technology Group will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $269.84, for a total transaction of $7,420,600.00. Following the completion of the transaction, the chief technology officer directly owned 5,909,870 shares of the company’s stock, valued at $1,594,719,320.80. The trade was a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the transaction, the chief executive officer owned 367,327 shares in the company, valued at approximately $80,286,662.39. This trade represents a 13.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 329,662 shares of company stock worth $76,068,196 in the last three months. Insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Credo Technology Group by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after acquiring an additional 23,332 shares in the last quarter. M&T Bank Corp grew its holdings in Credo Technology Group by 428.8% during the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after acquiring an additional 10,888 shares in the last quarter. FengHe Fund Management Pte. Ltd. grew its holdings in Credo Technology Group by 5.7% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock worth $23,349,000 after acquiring an additional 8,769 shares in the last quarter. Second Line Capital LLC purchased a new position in Credo Technology Group during the 3rd quarter valued at about $4,283,000. Finally, Nordea Investment Management AB bought a new stake in shares of Credo Technology Group in the 4th quarter valued at about $2,084,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high?speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low?latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high?speed analog and mixed?signal devices designed to preserve signal integrity and extend reach over copper and optical links.