Sen. Markwayne Mullin Purchases Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Posted by Casey Walker on Feb 3rd, 2025

Senator Markwayne Mullin (R-Oklahoma) recently bought shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO). In a filing disclosed on January 31st, the Senator disclosed that they had bought between $15,001 and $50,000 in Credo Technology Group stock on January 2nd.

Senator Markwayne Mullin also recently made the following trade(s):

Sold $15,001 – $50,000 in shares of iShares Core MSCI EAFE ETF (BATS:IEFA) on 1/8/2025.
Sold $15,001 – $50,000 in shares of iShares MSCI Eurozone ETF (BATS:EZU) on 1/8/2025.
Sold $1,001 – $15,000 in shares of Abbott Laboratories (NYSE:ABT) on 1/8/2025.
Purchased $15,001 – $50,000 in shares of The Goldman Sachs Group (NYSE:GS) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Iron Mountain (NYSE:IRM) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Coherent (NYSE:COHR) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Westinghouse Air Brake Technologies (NYSE:WAB) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Dell Technologies (NYSE:DELL) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Applied Industrial Technologies (NYSE:AIT) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Stride (NYSE:LRN) on 1/2/2025.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $70.02 on Monday. The business’s fifty day moving average is $68.45 and its two-hundred day moving average is $46.00. The firm has a market cap of $11.71 billion, a P/E ratio of -466.80 and a beta of 2.11. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the company. New York State Common Retirement Fund raised its holdings in shares of Credo Technology Group by 11.2% in the fourth quarter. New York State Common Retirement Fund now owns 60,821 shares of the company’s stock valued at $4,088,000 after purchasing an additional 6,147 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the fourth quarter worth about $38,000. D.A. Davidson & CO. bought a new position in shares of Credo Technology Group in the fourth quarter worth $364,000. CIBC Asset Management Inc bought a new stake in shares of Credo Technology Group during the fourth quarter valued at about $339,000. Finally, Principal Securities Inc. grew its position in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief technology officer now owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. This trade represents a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the transaction, the chief operating officer now owns 400,000 shares in the company, valued at approximately $27,212,000. This represents a 20.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,358,804 shares of company stock worth $92,342,042. 16.04% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on CRDO shares. Mizuho upped their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Finally, Roth Mkm raised their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $76.40.

Check Out Our Latest Stock Report on CRDO

About Senator Mullin

Markwayne Mullin (Republican Party) is a member of the U.S. Senate from Oklahoma. He assumed office on January 11, 2023. His current term ends on January 3, 2027. Mullin (Republican Party) ran in a special election to the U.S. Senate to represent Oklahoma. He won in the special general election on November 8, 2022. Mullin is a member of the Cherokee Nation and one of four Native American members of the 116th Congress. At the age of 20, Mullin took over his father’s plumbing business. He is also a former professional mixed martial artist. Markwayne Mullin graduated from Stilwell High School. Mullin earned an associate degree in construction technology from Oklahoma State University Institute of Technology. His career experience includes owning and founding multiple businesses.

Credo Technology Group Company Profile

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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.