Short Interest in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Increases By 11.3%

Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 6,600,000 shares, an increase of 11.3% from the October 31st total of 5,930,000 shares. Based on an average daily volume of 2,610,000 shares, the days-to-cover ratio is currently 2.5 days. Currently, 4.9% of the shares of the stock are sold short.

Credo Technology Group Stock Performance

CRDO stock traded up $22.89 during mid-day trading on Tuesday, hitting $70.69. The stock had a trading volume of 16,608,295 shares, compared to its average volume of 2,346,645. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $72.30. The company has a fifty day moving average of $39.60 and a 200 day moving average of $32.37.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 2.97% and a negative net margin of 9.70%. Analysts predict that Credo Technology Group will post -0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the sale, the chief executive officer now directly owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. The trade was a 5.38 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares in the company, valued at approximately $79,908,909.60. This trade represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,337,321 shares of company stock valued at $45,067,180 in the last 90 days. 16.04% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

Several hedge funds have recently added to or reduced their stakes in CRDO. Price T Rowe Associates Inc. MD lifted its position in shares of Credo Technology Group by 10.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock worth $1,484,000 after acquiring an additional 6,813 shares during the period. Public Employees Retirement Association of Colorado bought a new position in shares of Credo Technology Group during the 1st quarter worth approximately $352,000. California State Teachers Retirement System lifted its position in shares of Credo Technology Group by 7.7% during the 1st quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock worth $2,729,000 after buying an additional 9,218 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of Credo Technology Group by 319.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 31,383 shares of the company’s stock worth $1,002,000 after buying an additional 23,907 shares during the period. Finally, Kingswood Wealth Advisors LLC bought a new position in shares of Credo Technology Group during the 2nd quarter worth approximately $392,000. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of recent research reports. TD Cowen boosted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday. Stifel Nicolaus restated a “buy” rating and set a $75.00 price target (up previously from $50.00) on shares of Credo Technology Group in a research note on Tuesday. Mizuho raised their price target 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 raised their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the company from $27.00 to $80.00 in a report on Tuesday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus price target of $63.56.

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.