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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) saw a large growth in short interest in 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. Based on an average daily trading volume, of 2,220,000 shares, the days-to-cover ratio is presently 5.0 days. Approximately 8.8% of the company's shares are short sold.

Wall Street Analyst Weigh In

CRDO has been the subject of several research analyst reports. TD Cowen boosted their price objective on Credo Technology Group from $20.00 to $24.00 and gave the company a "market perform" rating in a research report on Wednesday, February 28th. Needham & Company LLC boosted their price objective on Credo Technology Group from $24.00 to $26.00 and gave the company a "buy" rating in a research report on Wednesday, February 28th. The Goldman Sachs Group upped their price target on Credo Technology Group from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Wednesday, February 28th. Craig Hallum raised their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Mizuho reaffirmed a "buy" rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Credo Technology Group has an average rating of "Moderate Buy" and an average price target of $24.25.

Credo Technology Group Stock Down 9.3 %

Shares of NASDAQ:CRDO traded down $2.00 during midday trading on Monday, hitting $19.44. The stock had a trading volume of 2,749,047 shares, compared to its average volume of 2,170,787. Credo Technology Group has a 12 month low of $7.20 and a 12 month high of $23.90. The business's 50-day simple moving average is $21.53 and its 200-day simple moving average is $19.16. The company has a market cap of $3.17 billion, a P/E ratio of -84.52 and a beta of 1.97.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $51.91 million. During the same period last year, the business earned $0.02 earnings per share. The firm's revenue was down 2.2% on a year-over-year basis. As a group, equities analysts predict that Credo Technology Group will post -0.12 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 315,601 shares of the business's stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $22.93, for a total transaction of $7,236,730.93. Following the completion of the transaction, the chief operating officer now directly owns 1,440,000 shares in the company, valued at approximately $33,019,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, COO Yat Tung Lam sold 315,601 shares of the business's stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $22.93, for a total value of $7,236,730.93. Following the completion of the transaction, the chief operating officer now directly owns 1,440,000 shares in the company, valued at approximately $33,019,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the business's stock in a transaction that occurred 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 transaction, the general counsel now owns 218,249 shares of the company's stock, valued at $4,808,025.47. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,097,198 shares of company stock worth $45,424,564. 23.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently added to or reduced their stakes in CRDO. Envestnet Asset Management Inc. acquired a new stake in Credo Technology Group during the 1st quarter valued at $332,000. JPMorgan Chase & Co. acquired a new stake in Credo Technology Group during the 1st quarter valued at $205,000. Bank of New York Mellon Corp acquired a new stake in shares of Credo Technology Group during the first quarter worth $1,748,000. BlackRock Inc. acquired a new stake in shares of Credo Technology Group during the first quarter worth $48,844,000. Finally, Vanguard Group Inc. acquired a new stake in shares of Credo Technology Group during the first quarter worth $29,191,000. Institutional investors and hedge funds 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.