Credo Technology Group Holding Ltd (NASDAQ:CRDO) Sees Significant Decrease in Short Interest

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 7,320,000 shares, a decrease of 10.6% from the August 15th total of 8,190,000 shares. Based on an average daily volume of 2,290,000 shares, the short-interest ratio is currently 3.2 days. Approximately 5.6% of the company’s stock are sold short.

Insider Buying and Selling

In other news, Director Lip Bu Tan sold 6,110 shares of the stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $31.33, for a total transaction of $191,426.30. Following the transaction, the director now owns 3,125,061 shares of the company’s stock, valued at approximately $97,908,161.13. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Credo Technology Group news, Director Lip Bu Tan sold 6,110 shares of the business’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $31.33, for a total transaction of $191,426.30. Following the completion of the transaction, the director now owns 3,125,061 shares of the company’s stock, valued at approximately $97,908,161.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the sale, the chief technology officer now owns 9,058,602 shares of the company’s stock, valued at $255,633,748.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,036,190 shares of company stock worth $31,033,447. Corporate insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Ulland Investment Advisors LLC acquired a new stake in shares of Credo Technology Group during the first quarter worth $29,000. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group during the 2nd quarter worth about $29,000. Fifth Third Bancorp increased its stake in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares during the last quarter. Covestor Ltd raised its position in shares of Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after acquiring an additional 1,924 shares during the period. Finally, CWM LLC boosted its stake in Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 1.9 %

Shares of CRDO traded down $0.52 during mid-day trading on Tuesday, hitting $27.24. 2,058,563 shares of the company traded hands, compared to its average volume of 2,231,935. The business has a 50-day moving average of $29.80 and a 200 day moving average of $25.10. Credo Technology Group has a one year low of $13.38 and a one year high of $36.80. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of -154.22 and a beta of 2.26.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Needham & Company LLC boosted their price target on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Stifel Nicolaus lifted their price objective on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Roth Mkm upped their target price on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Barclays lifted their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Finally, TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $34.00.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.