Credo Technology Group Holding Ltd (NASDAQ:CRDO) Short Interest Update

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the recipient of a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 7,940,000 shares, a growth of 11.4% from the December 15th total of 7,130,000 shares. Approximately 5.9% of the company’s stock are short sold. Based on an average daily trading volume, of 3,430,000 shares, the short-interest ratio is currently 2.3 days.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the completion of the sale, the chief technology officer now owns 8,838,602 shares of the company’s stock, valued at $346,826,742.48. This represents a 0.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the sale, the chief operating officer now owns 400,000 shares in the company, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,188,804 shares of company stock valued at $79,811,292 in the last quarter. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently modified their holdings of the stock. Point72 Hong Kong Ltd acquired a new stake in shares of Credo Technology Group during the third quarter valued at approximately $3,948,000. Wellington Management Group LLP raised its stake in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares during the period. Centiva Capital LP purchased a new stake in shares of Credo Technology Group in the third quarter valued at $553,000. Charles Schwab Investment Management Inc. boosted its position in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after buying an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after buying an additional 118,169 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. TD Cowen raised their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Mizuho upped their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Susquehanna assumed coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective for the company. Finally, The Goldman Sachs Group boosted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO traded up $4.42 during trading hours on Friday, hitting $80.02. 6,453,006 shares of the company’s stock traded hands, compared to its average volume of 3,286,705. The company has a market cap of $13.38 billion, a price-to-earnings ratio of -533.47 and a beta of 2.11. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $82.00. The company’s fifty day simple moving average is $62.88 and its two-hundred day simple moving average is $43.08.

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.