Stock Traders Buy High Volume of Call Options on Credo Technology Group (NASDAQ:CRDO)

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) was the target of unusually large options trading activity on Wednesday. Stock traders purchased 11,274 call options on the company. This represents an increase of 41% compared to the average daily volume of 7,970 call options.

Insider Buying and Selling

In other news, Director Lip Bu Tan sold 171,473 shares of the company’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the transaction, the director now owns 613,725 shares of the company’s stock, valued at $47,809,177.50. This represents a 21.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider James Laufman sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00. Following the completion of the transaction, the insider now owns 271,725 shares of the company’s stock, valued at approximately $10,621,730.25. This trade represents a 2.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 954,594 shares of company stock worth $57,998,380 in the last three months. 16.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Operose Advisors LLC boosted its position in shares of Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after purchasing an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in Credo Technology Group in the first quarter worth approximately $25,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Credo Technology Group in the first quarter worth approximately $27,000. Harbour Investments Inc. acquired a new stake in Credo Technology Group in the first quarter valued at approximately $29,000. Finally, Virtus Advisers LLC bought a new stake in shares of Credo Technology Group during the first quarter valued at approximately $31,000. 80.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

CRDO has been the subject of several analyst reports. Mizuho dropped their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Stifel Nicolaus increased their price objective on Credo Technology Group from $69.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, June 3rd. Bank of America cut their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Finally, Susquehanna restated a “positive” rating and set a $90.00 price objective (up from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $81.00.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $85.59 on Friday. The stock’s 50-day moving average is $57.12 and its 200 day moving average is $60.23. Credo Technology Group has a one year low of $22.50 and a one year high of $86.84. The firm has a market cap of $14.53 billion, a price-to-earnings ratio of 317.00 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The firm had revenue of $170.00 million for the quarter, compared to analysts’ expectations of $159.59 million. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The company’s revenue for the quarter was up 179.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.07 EPS. On average, sell-side analysts expect that Credo Technology Group will post 0.13 EPS for the current fiscal year.

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.