Credo Technology Group Holding Ltd (NASDAQ:CRDO) Short Interest Up 10.5% in March

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

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 270,980 shares of Credo Technology Group stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $19.14, for a total transaction of $5,186,557.20. Following the completion of the transaction, the chief operating officer now owns 2,320,000 shares of the company’s stock, valued at $44,404,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Credo Technology Group news, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of Credo Technology Group stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $22.03, for a total value of $327,872.49. Following the completion of the sale, the general counsel now directly owns 218,249 shares of the company’s stock, valued at $4,808,025.47. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Yat Tung Lam sold 270,980 shares of Credo Technology Group stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $19.14, for a total transaction of $5,186,557.20. Following the completion of the sale, the chief operating officer now directly owns 2,320,000 shares of the company’s stock, valued at $44,404,800. The disclosure for this sale can be found here. Insiders sold 2,087,198 shares of company stock valued at $45,233,664 over the last quarter. Insiders own 23.89% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Verition Fund Management LLC boosted its stake in shares of Credo Technology Group by 6.5% in the 4th quarter. Verition Fund Management LLC now owns 13,680 shares of the company’s stock valued at $182,000 after purchasing an additional 836 shares in the last quarter. Assetmark Inc. increased its stake in Credo Technology Group by 30.1% during the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after purchasing an additional 1,263 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Credo Technology Group by 295.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock valued at $28,000 after purchasing an additional 1,376 shares in the last quarter. Rhumbline Advisers increased its stake in Credo Technology Group by 1.1% during the 3rd quarter. Rhumbline Advisers now owns 130,026 shares of the company’s stock valued at $1,983,000 after purchasing an additional 1,397 shares in the last quarter. Finally, Amalgamated Bank increased its stake in Credo Technology Group by 9.7% during the 4th quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock valued at $320,000 after purchasing an additional 1,454 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 0.3 %

Credo Technology Group stock opened at $19.38 on Wednesday. The firm’s 50 day simple moving average is $21.53 and its 200 day simple moving average is $19.16. Credo Technology Group has a 1-year low of $7.20 and a 1-year high of $23.90.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Craig Hallum lifted their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. TD Cowen lifted their price objective on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a report on Wednesday, February 28th. Finally, Mizuho restated a “buy” rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. According to MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $24.25.

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.