Short Interest in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Rises By 11.4%

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the target of a significant increase in short interest during 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 trading volume of 3,430,000 shares, the short-interest ratio is presently 2.3 days. Currently, 5.9% of the company’s shares are sold short.

Analyst Ratings Changes

CRDO has been the topic of a number of recent analyst reports. TD Cowen raised their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Needham & Company LLC lifted their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Roth Mkm lifted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Mizuho lifted their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Finally, Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Stock Performance

Credo Technology Group stock traded up $4.42 during midday trading on Friday, reaching $80.02. The stock had a trading volume of 6,453,006 shares, compared to its average volume of 3,286,705. The firm’s fifty day simple moving average is $62.88 and its 200-day simple moving average is $43.16. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $82.00. The stock has a market capitalization of $13.38 billion, a P/E ratio of -533.47 and a beta of 2.11.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the transaction, the director now owns 963,725 shares in the company, valued at approximately $70,053,170.25. This trade represents a 13.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00. Following the transaction, the chief technology officer now owns 8,838,602 shares in the company, valued at approximately $346,826,742.48. This trade represents a 0.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,188,804 shares of company stock worth $79,811,292 over the last 90 days. Insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CRDO. Swedbank AB increased its position in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. increased its position in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after purchasing an additional 1,660,230 shares during the last quarter. FMR LLC increased its position in shares of Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after purchasing an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.