Short Interest in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Expands By 5.3%

Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 8,190,000 shares, an increase of 5.3% from the July 31st total of 7,780,000 shares. Based on an average daily volume of 2,240,000 shares, the short-interest ratio is presently 3.7 days. Approximately 6.3% of the shares of the stock are short sold.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 45,476 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $31.76, for a total value of $1,444,317.76. Following the transaction, the director now owns 39,736 shares of the company’s stock, valued at $1,262,015.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Credo Technology Group news, Director Lip Bu Tan sold 45,476 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $31.76, for a total value of $1,444,317.76. Following the completion of the sale, the director now owns 39,736 shares of the company’s stock, valued at $1,262,015.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $28.21, for a total transaction of $282,100.00. Following the transaction, the chief operating officer now directly owns 3,130,945 shares in the company, valued at $88,323,958.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 886,678 shares of company stock worth $26,885,494. Insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Ulland Investment Advisors LLC purchased a new stake in Credo Technology Group in the first quarter worth approximately $29,000. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group in the 2nd quarter worth $29,000. Fifth Third Bancorp grew 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 worth $34,000 after acquiring an additional 400 shares during the period. Covestor Ltd grew its holdings in shares of Credo Technology Group by 19,240.0% in the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after acquiring an additional 1,924 shares during the period. Finally, CWM LLC increased its position in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ CRDO traded down $3.28 during mid-day trading on Tuesday, reaching $31.63. The stock had a trading volume of 3,319,878 shares, compared to its average volume of 2,123,754. The stock has a market cap of $5.22 billion, a PE ratio of -175.72 and a beta of 2.23. Credo Technology Group has a 1 year low of $13.38 and a 1 year high of $36.80. The company has a fifty day moving average price of $30.60 and a 200 day moving average price of $24.80.

Analyst Upgrades and Downgrades

CRDO has been the topic of several analyst reports. Stifel Nicolaus lifted their price objective on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays boosted their price objective on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Bank of America reaffirmed an “underperform” rating and set a $22.00 target price (up previously from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Needham & Company LLC upped their target price on Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Finally, TD Cowen raised their target price on Credo Technology Group from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.88.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.