Credo Technology Group Holding Ltd (NASDAQ:CRDO) Sees Large Growth in Short Interest

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. Currently, 5.9% of the shares of the stock are sold short. Based on an average trading volume of 3,430,000 shares, the days-to-cover ratio is presently 2.3 days.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on 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 owns 963,725 shares of the company’s stock, valued at $70,053,170.25. This represents a 13.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the completion of the sale, the chief operating officer now directly owns 400,000 shares in the company, valued at $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 1,133,804 shares of company stock valued at $77,653,092. 16.04% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of CRDO. JPMorgan Chase & Co. lifted its stake in 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 purchasing an additional 909,578 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings 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 period. Driehaus Capital Management LLC grew its position in Credo Technology Group by 3.1% in 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 in the last quarter. Swedbank AB grew its position in Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after purchasing an additional 170,412 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CRDO shares. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Susquehanna started coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price on the stock. Craig Hallum upped their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus lifted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, Barclays upped their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Stock Up 5.8 %

NASDAQ:CRDO traded up $4.42 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. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $82.00. The stock has a 50 day moving average price of $62.88 and a 200 day moving average price of $43.16. The firm has a market cap of $13.38 billion, a price-to-earnings ratio of -533.47 and a beta of 2.11.

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.