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

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

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 150,000 shares of the business’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 completion of the transaction, the director now directly owns 963,725 shares of the company’s stock, valued at approximately $70,053,170.25. The trade was a 13.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the sale, the chief technology officer now directly owns 8,728,602 shares in the company, valued at approximately $413,473,876.74. This trade represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,133,804 shares of company stock worth $77,653,092 over the last 90 days. Corporate insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares during the period. Point72 Asset Management L.P. raised its stake in 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 valued at $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC raised its stake in Credo Technology Group by 3.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after acquiring an additional 115,271 shares during the last quarter. Swedbank AB lifted its position in 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 acquiring an additional 2,961,454 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after purchasing an additional 170,412 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 5.8 %

Shares of Credo Technology Group stock traded up $4.42 during trading on Monday, reaching $80.02. The company’s stock had a trading volume of 6,453,006 shares, compared to its average volume of 3,286,705. The company has a 50-day moving average price of $62.88 and a two-hundred day moving average price of $43.16. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $82.00. The firm has a market cap of $13.38 billion, a PE ratio of -533.47 and a beta of 2.11.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Stifel Nicolaus raised their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Needham & Company LLC boosted their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group upped their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Susquehanna assumed coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price objective on the stock. Finally, Mizuho upped their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a 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 company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

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.