Shares of semiconductor name Credo Technology Group Holding Ltd (NASDAQ:CRDO) are surging 10.3% at $299.88 this morning, enjoying the fruits of several bull notes. Evercover ISI initiated coverage with an "outperform" rating and $325 price target, while Stifel hiked its price target to $350 from $250. The firms cited long-term growth and the semiconductor's "AI-connectivity play."
CRDO is headed for a third-straight pop, eyeing its best daily performance in nearly two weeks after tapping a record high $308.67 earlier. The shares have more than doubled since the start of 2026, with brief support stemming from the $240 floor.
Bulls have been circling in recent weeks. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Credo Technology stock's 10-day call/put volume ratio of 3.24 ranks in the 85th annual percentile. This sentiment is echoed by the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.89, which ranks higher than just 28% of readings from the past year.
Short sellers have been retreating, with short interest down 8.2% during the most recent reporting period. This accounts for 6.3% of the stock's available float, or less than two days' worth of pent-up buying power.
It's also worth noting that the stock sports a Schaeffer's Volatility Scorecard (SVS) of 80 out of 100. This suggests the equity has consistently realized higher-than-expected volatility over the past 12 months.
