Short Interest in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Rises By 11.4%

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

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 3,799 shares of the company’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total value of $268,703.27. Following the transaction, the director now directly owns 1,709,926 shares of the company’s stock, valued at $120,943,065.98. This represents a 0.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the completion of the transaction, the chief operating officer now directly owns 400,000 shares in the company, valued at approximately $27,212,000. This represents a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,188,804 shares of company stock worth $79,811,292. Company insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

Hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in shares of Credo Technology Group by 13.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock valued at $67,473,000 after buying an additional 242,428 shares during the period. Renaissance Technologies LLC raised its stake in shares of Credo Technology Group by 10.0% in the second quarter. Renaissance Technologies LLC now owns 865,938 shares of the company’s stock valued at $27,658,000 after buying an additional 78,700 shares during the period. Edgestream Partners L.P. bought a new stake in shares of Credo Technology Group in the second quarter valued at $869,000. Hsbc Holdings PLC raised its stake in shares of Credo Technology Group by 48.2% in the second quarter. Hsbc Holdings PLC now owns 74,199 shares of the company’s stock valued at $2,374,000 after buying an additional 24,116 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in shares of Credo Technology Group by 110.6% in the second quarter. Thrivent Financial for Lutherans now owns 82,653 shares of the company’s stock valued at $2,640,000 after buying an additional 43,411 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Trading Up 5.8 %

Shares of NASDAQ:CRDO traded up $4.42 during mid-day trading on Friday, hitting $80.02. 6,453,006 shares of the company traded hands, compared to its average volume of 3,286,705. The stock has a 50-day moving average price of $62.88 and a two-hundred day moving average price of $43.16. The stock has a market cap of $13.38 billion, a P/E ratio of -533.47 and a beta of 2.11. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $82.00.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CRDO shares. Needham & Company LLC raised 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. Craig Hallum raised their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Susquehanna initiated coverage on Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Finally, Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average price target of $76.40.

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.