Credo Technology Group Holding Ltd (NASDAQ:CRDO) Short Interest Down 6.8% in October

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) was the target of a large drop in short interest in October. As of October 15th, there was short interest totalling 6,940,000 shares, a drop of 6.8% from the September 30th total of 7,450,000 shares. Approximately 5.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,370,000 shares, the days-to-cover ratio is presently 2.9 days.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the sale, the chief technology officer now owns 8,838,602 shares of the company's stock, valued at $346,826,742.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the sale, the chief technology officer now directly owns 8,838,602 shares in the company, valued at $346,826,742.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the transaction, the chief executive officer now owns 2,529,738 shares of the company's stock, valued at approximately $65,140,753.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,389,817 shares of company stock worth $44,436,836 in the last quarter. 16.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Thornburg Investment Management Inc. lifted its position in shares of Credo Technology Group by 37.1% during the first quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company's stock valued at $5,029,000 after buying an additional 64,177 shares during the last quarter. Carnegie Investment Counsel lifted its position in Credo Technology Group by 7.3% during the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company's stock valued at $9,610,000 after acquiring an additional 21,350 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in Credo Technology Group in the first quarter valued at approximately $2,732,000. Swiss National Bank grew its holdings in Credo Technology Group by 14.7% in the first quarter. Swiss National Bank now owns 254,416 shares of the company's stock worth $5,391,000 after purchasing an additional 32,600 shares during the last quarter. Finally, Castleark Management LLC purchased a new stake in Credo Technology Group during the 1st quarter worth approximately $3,876,000. 80.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRDO. Roth Mkm lifted their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Mizuho upped their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. TD Cowen upgraded Credo Technology Group to a "strong-buy" rating in a report on Monday, September 16th. Needham & Company LLC boosted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, September 5th. Finally, Stifel Nicolaus increased their target price on Credo Technology Group from $40.00 to $42.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of "Moderate Buy" and an average price target of $36.56.

Credo Technology Group Stock Down 6.1 %

Shares of CRDO stock traded down $2.43 on Thursday, hitting $37.70. The stock had a trading volume of 3,301,188 shares, compared to its average volume of 2,226,575. Credo Technology Group has a one year low of $13.53 and a one year high of $41.92. The business has a 50 day moving average price of $33.13 and a 200 day moving average price of $28.01. The company has a market cap of $6.26 billion, a PE ratio of -250.81 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The business had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. Equities research analysts expect that Credo Technology Group will post -0.02 EPS for the current year.

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.