Traders Purchase Large Volume of Credo Technology Group Call Options (NASDAQ:CRDO)

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the recipient of unusually large options trading on Wednesday. Stock investors bought 10,846 call options on the company. This is an increase of 76% compared to the average volume of 6,171 call options.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRDO. Stifel Nicolaus increased their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Mizuho raised their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Craig Hallum lifted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $74.90.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.04, for a total value of $3,742,200.00. Following the transaction, the chief technology officer now directly owns 8,508,602 shares of the company’s stock, valued at approximately $578,925,280.08. This represents a 0.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total value of $6,113,000.00. Following the completion of the sale, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. The trade was a 9.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,338,175 shares of company stock valued at $92,697,698 in the last ninety days. 16.04% of the stock is currently owned by corporate insiders.

Institutional Trading of Credo Technology Group

Several hedge funds have recently bought and sold shares of CRDO. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group in the third quarter worth about $30,000. Brown Brothers Harriman & Co. boosted its position in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after acquiring an additional 1,001 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the fourth quarter valued at $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group during the fourth quarter valued at $43,000. Finally, Principal Securities Inc. lifted its position in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 13.7 %

CRDO stock traded down $7.42 during midday trading on Wednesday, hitting $46.91. The company’s stock had a trading volume of 14,812,231 shares, compared to its average volume of 3,003,882. The firm has a market capitalization of $7.84 billion, a price-to-earnings ratio of -312.53 and a beta of 2.09. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $86.69. The company has a 50 day moving average of $70.29 and a two-hundred day moving average of $52.20.

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.