Credo Technology Group Sees Unusually Large Options Volume (NASDAQ:CRDO)

Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw some unusual options trading activity on Monday. Traders bought 3,364 call options on the company. This is an increase of 54% compared to the average daily volume of 2,182 call options.

Insider Buying and Selling at Credo Technology Group

In other news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the transaction, the director now owns 2,638,725 shares in the company, valued at approximately $80,481,112.50. The trade was a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.57, for a total value of $2,671,350.00. Following the completion of the transaction, the chief technology officer now owns 8,618,602 shares in the company, valued at $418,605,499.14. This represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,337,321 shares of company stock valued at $45,067,180. 16.04% of the stock is currently owned by corporate insiders.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently bought and sold shares of the stock. Point72 Hong Kong Ltd bought a new position in shares of Credo Technology Group during the 3rd quarter worth about $3,948,000. Principal Financial Group Inc. grew its position in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after buying an additional 368,518 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Credo Technology Group during the third quarter valued at about $565,000. Carnegie Investment Counsel raised its holdings in Credo Technology Group by 7.3% in the 3rd quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock valued at $9,610,000 after acquiring an additional 21,350 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Credo Technology Group by 4.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,768,737 shares of the company’s stock worth $54,477,000 after purchasing an additional 71,014 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Stock Up 47.9 %

Shares of NASDAQ:CRDO opened at $70.69 on Wednesday. The company has a market cap of $11.74 billion, a price-to-earnings ratio of -471.27 and a beta of 2.26. The business has a 50 day moving average price of $40.42 and a 200 day moving average price of $32.73. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $72.30.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. The business had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. Analysts anticipate that Credo Technology Group will post -0.02 EPS for the current year.

Analyst Ratings Changes

CRDO has been the topic of several analyst reports. Needham & Company LLC increased their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday. Barclays increased their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 price target (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday. Roth Mkm increased their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, TD Cowen boosted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and a consensus price target of $63.56.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.