Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Short Interest Update

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) saw a significant decrease in short interest in the month of June. As of June 30th, there was short interest totaling 5,334,875 shares, a decrease of 43.7% from the June 15th total of 9,474,050 shares. Currently, 3.2% of the company’s shares are short sold. Based on an average trading volume of 11,438,300 shares, the short-interest ratio is presently 0.5 days.

Credo Technology Group Stock Down 9.3%

NASDAQ CRDO traded down $21.18 on Thursday, hitting $205.56. 2,908,523 shares of the stock were exchanged, compared to its average volume of 7,723,602. Credo Technology Group has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The company has a 50-day moving average price of $231.43 and a 200-day moving average price of $166.44. The company has a market cap of $38.33 billion, a PE ratio of 82.74, a PEG ratio of 1.08 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s revenue for the quarter was up 157.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.20 EPS. As a group, equities research analysts predict that Credo Technology Group will post 4.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CRDO shares. Jefferies Financial Group raised their target price on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. Mizuho raised their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Finally, Roth Capital upped their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $263.11.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the transaction, the chief financial officer directly owned 504,708 shares in the company, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 3,790 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $258.71, for a total transaction of $980,510.90. Following the completion of the sale, the chief technology officer owned 140,358 shares of the company’s stock, valued at $36,312,018.18. This trade represents a 2.63% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 329,662 shares of company stock worth $76,068,196 over the last ninety days. Company insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Crewe Advisors LLC raised its position in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares in the last quarter. Reflection Asset Management acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $25,000. Flagship Harbor Advisors LLC purchased a new position in Credo Technology Group in the fourth quarter valued at approximately $32,000. Finally, AlphaCentric Advisors LLC purchased a new position in Credo Technology Group in the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.