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Credo Technology Group Holding Ltd (NASDAQ:CRDO) Sees Large Drop in Short Interest

kopsource · Jan 23, 2023 18:31

Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating) was the target of a significant decline in short interest in December. As of December 30th, there was short interest totalling 8,050,000 shares, a decline of 7.6% from the December 15th total of 8,710,000 shares. Currently, 8.9% of the shares of the stock are short sold. Based on an average trading volume of 1,010,000 shares, the short-interest ratio is currently 8.0 days.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC boosted their target price on Credo Technology Group from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, December 1st. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $19.38.

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Insider Activity

In other news, CEO William Joseph Brennan sold 15,000 shares of the business's stock in a transaction dated Wednesday, January 18th. The stock was sold at an average price of $14.93, for a total value of $223,950.00. Following the transaction, the chief executive officer now directly owns 4,245,000 shares in the company, valued at $63,377,850. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO William Joseph Brennan sold 15,000 shares of the business's stock in a transaction dated Wednesday, January 18th. The stock was sold at an average price of $14.93, for a total value of $223,950.00. Following the sale, the chief executive officer now directly owns 4,245,000 shares in the company, valued at $63,377,850. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 40,000 shares of the business's stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $13.49, for a total value of $539,600.00. Following the completion of the sale, the chief technology officer now owns 12,543,602 shares in the company, valued at $169,213,190.98. The disclosure for this sale can be found here. Insiders have sold 815,143 shares of company stock worth $11,616,258 over the last ninety days. Corporate insiders own 34.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada bought a new position in shares of Credo Technology Group during the first quarter valued at approximately $26,000. Ameritas Investment Partners Inc. bought a new position in Credo Technology Group in the first quarter worth approximately $26,000. IFP Advisors Inc bought a new position in Credo Technology Group in the third quarter worth approximately $27,000. Focused Wealth Management Inc bought a new position in Credo Technology Group in the third quarter worth approximately $53,000. Finally, UBS Group AG bought a new position in Credo Technology Group in the first quarter worth approximately $69,000. Institutional investors own 40.46% of the company's stock.

Credo Technology Group Stock Performance

CRDO stock traded up $0.67 during midday trading on Monday, reaching $15.67. 2,595,027 shares of the company traded hands, compared to its average volume of 1,194,730. Credo Technology Group has a 52-week low of $8.61 and a 52-week high of $18.00. The business has a 50 day moving average of $14.00 and a 200-day moving average of $13.33. The firm has a market capitalization of $2.30 billion and a price-to-earnings ratio of -266.17.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last issued its quarterly earnings data on Wednesday, November 30th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.01). The company had revenue of $51.37 million for the quarter, compared to analysts' expectations of $50.50 million. Credo Technology Group had a negative net margin of 5.34% and a positive return on equity of 2.61%. Research analysts anticipate that Credo Technology Group will post 0.03 earnings per share for the current year.

About Credo Technology Group

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Credo 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 integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.