Short Interest in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Drops By 10.5%

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) was the target of a significant drop in short interest during the month of January. As of January 31st, there was short interest totalling 6,960,000 shares, a drop of 10.5% from the January 15th total of 7,780,000 shares. Currently, 4.9% of the company's shares are sold short. Based on an average daily volume of 4,550,000 shares, the short-interest ratio is presently 1.5 days.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Bank of America raised shares of Credo Technology Group from an "underperform" rating to a "buy" rating and lifted their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a report on Monday, January 6th. Susquehanna began 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. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Finally, Barclays lifted their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of "Moderate Buy" and an average target price of $76.40.

Credo Technology Group Trading Down 6.3 %

Shares of NASDAQ:CRDO traded down $4.50 on Friday, hitting $66.78. 4,173,687 shares of the company were exchanged, compared to its average volume of 5,596,906. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $86.69. The stock's 50 day moving average price is $72.26 and its 200 day moving average price is $50.50. The firm has a market capitalization of $11.17 billion, a P/E ratio of -445.20 and a beta of 2.09.

Insiders Place Their Bets

In related news, CFO Daniel W. Fleming sold 12,504 shares of Credo Technology Group stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total transaction of $606,193.92. Following the transaction, the chief financial officer now directly owns 656,456 shares of the company's stock, valued at $31,824,986.88. This trade represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the transaction, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,305,679 shares of company stock valued at $89,862,242 over the last 90 days. Insiders own 16.04% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC lifted its stake in shares of Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after buying an additional 255 shares during the period. Assetmark Inc. lifted its stake in shares of Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company's stock worth $153,000 after buying an additional 257 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after buying an additional 348 shares during the period. GAMMA Investing LLC lifted its stake in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after buying an additional 351 shares during the period. Finally, Amalgamated Bank lifted its stake in shares of Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company's stock worth $321,000 after buying an additional 411 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.