Credo Technology Group Holding Ltd (NASDAQ:CRDO) Short Interest Up 11.3% in November

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 trading volume, of 2,610,000 shares, the days-to-cover ratio is currently 2.5 days. Approximately 4.9% of the company’s stock are short sold.

Analysts Set New Price Targets

Several equities analysts have recently commented on CRDO shares. Bank of America upped their target price on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a report on Thursday, September 5th. Roth Mkm increased their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Craig Hallum boosted their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Barclays increased their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Finally, Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and an average price target of $36.56.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the sale, the chief technology officer now directly owns 8,728,602 shares of the company’s stock, valued at approximately $413,473,876.74. This represents a 0.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the transaction, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. This represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,324,817 shares of company stock worth $43,552,936. 16.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CRDO. Allworth Financial LP boosted its position in shares of Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Credo Technology Group during the second quarter valued at approximately $29,000. Rakuten Securities Inc. acquired a new position in Credo Technology Group in the third quarter worth approximately $30,000. Fifth Third Bancorp increased its holdings in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its position in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after acquiring an additional 1,001 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Shares of CRDO stock traded down $0.76 during midday trading on Monday, reaching $48.20. 3,902,674 shares of the company were exchanged, compared to its average volume of 2,272,665. The company’s 50 day moving average price is $39.24 and its two-hundred day moving average price is $32.16. The company has a market cap of $8.00 billion, a P/E ratio of -301.25 and a beta of 2.19. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $51.40.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. As a group, sell-side analysts predict that Credo Technology Group will post -0.02 earnings per share for the current year.

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.