Credo Technology Group Holding Ltd (NASDAQ:CRDO) Sees Significant Drop in Short Interest

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) was the recipient of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 7,130,000 shares, a decrease of 5.7% from the November 30th total of 7,560,000 shares. Based on an average daily trading volume, of 3,190,000 shares, the days-to-cover ratio is currently 2.2 days. Currently, 5.3% of the shares of the stock are sold short.

Credo Technology Group Stock Down 3.4 %

Shares of Credo Technology Group stock traded down $2.39 on Wednesday, hitting $67.21. The stock had a trading volume of 2,740,299 shares, compared to its average volume of 2,488,592. The stock's 50-day simple moving average is $55.17 and its two-hundred day simple moving average is $39.38. Credo Technology Group has a one year low of $16.82 and a one year high of $78.97. The stock has a market cap of $11.24 billion, a price-to-earnings ratio of -448.07 and a beta of 2.26.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $31.07, for a total transaction of $1,708,850.00. Following the completion of the sale, the chief technology officer now owns 8,948,602 shares in the company, valued at approximately $278,033,064.14. This trade represents a 0.61 % decrease in their position. 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 the company's stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $384,100.00. Following the completion of the transaction, the chief operating officer now owns 2,872,672 shares in the company, valued at approximately $110,339,331.52. This trade represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,208,341 shares of company stock valued at $58,084,978. 16.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after buying an additional 909,578 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock valued at $61,415,000 after acquiring an additional 368,518 shares in the last quarter. Franklin Resources Inc. lifted its stake in Credo Technology Group by 17.9% in the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company's stock worth $2,250,000 after acquiring an additional 11,065 shares during the period. Geode Capital Management LLC boosted its holdings in Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company's stock valued at $97,865,000 after acquiring an additional 170,412 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in Credo Technology Group in the third quarter valued at $614,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRDO. Needham & Company LLC upped their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Stifel Nicolaus reiterated a "buy" rating and issued a $75.00 price objective (up from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Susquehanna started coverage on Credo Technology Group in a report on Tuesday, December 17th. They set a "neutral" rating and a $80.00 price objective on the stock. Roth Mkm upped their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Finally, TD Cowen lifted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of "Moderate Buy" and an average price target of $68.60.

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.