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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 11,040,000 shares, an increase of 10.5% from the March 15th total of 9,990,000 shares. Currently, 8.8% of the company’s shares are short sold. Based on an average daily trading volume, of 2,220,000 shares, the short-interest ratio is currently 5.0 days.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Mizuho reaffirmed a “buy” rating and issued a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Finally, TD Cowen boosted their target price on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research note on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Credo Technology Group Trading Down 6.9 %

NASDAQ CRDO opened at $21.44 on Monday. Credo Technology Group has a 1 year low of $7.20 and a 1 year high of $23.90. The company’s 50 day simple moving average is $21.57 and its two-hundred day simple moving average is $19.13.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $53.06 million for the quarter, compared to analyst estimates of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.02 EPS. As a group, research analysts predict that Credo Technology Group will post -0.12 EPS for the current year.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 315,601 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $22.93, for a total value of $7,236,730.93. Following the transaction, the chief operating officer now owns 1,440,000 shares in the company, valued at $33,019,200. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Credo Technology Group news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $19.31, for a total value of $289,650.00. Following the completion of the sale, the chief executive officer now directly owns 3,202,500 shares of the company’s stock, valued at $61,840,275. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Yat Tung Lam sold 315,601 shares of Credo Technology Group stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $22.93, for a total transaction of $7,236,730.93. Following the completion of the sale, the chief operating officer now directly owns 1,440,000 shares of the company’s stock, valued at $33,019,200. The disclosure for this sale can be found here. Insiders have sold a total of 2,032,198 shares of company stock worth $43,986,214 over the last quarter. Company insiders own 23.89% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Credo Technology Group during the 3rd quarter valued at $2,028,000. Vanguard Group Inc. lifted its position in shares of Credo Technology Group by 31.3% in the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after purchasing an additional 2,993,303 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Credo Technology Group by 17.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock worth $131,931,000 after purchasing an additional 1,299,600 shares during the period. Moody Aldrich Partners LLC lifted its position in shares of Credo Technology Group by 67.8% in the 4th quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock worth $3,947,000 after purchasing an additional 81,904 shares during the period. Finally, New York State Common Retirement Fund lifted its position in shares of Credo Technology Group by 63.2% in the 3rd quarter. New York State Common Retirement Fund now owns 64,203 shares of the company’s stock worth $979,000 after purchasing an additional 24,853 shares during the period. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.