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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw unusually large options trading activity on Wednesday. Traders acquired 10,846 call options on the stock. This represents an increase of 76% compared to the average volume of 6,171 call options.

Credo Technology Group Trading Down 14.0 %

NASDAQ:CRDO opened at $46.73 on Thursday. The stock has a market capitalization of $7.82 billion, a PE ratio of -311.53 and a beta of 2.09. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $86.69. The firm has a fifty day simple moving average of $69.80 and a 200 day simple moving average of $52.16.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 1,000,000 shares in the company, valued at approximately $61,130,000. The trade was a 9.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the sale, the chief financial officer now owns 652,666 shares in the company, valued at $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,190,496 shares of company stock worth $82,695,512. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Creative Planning bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $359,000. US Bancorp DE increased its position in Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after buying an additional 649 shares during the last quarter. Hanseatic Management Services Inc. bought a new stake in Credo Technology Group in the third quarter valued at approximately $578,000. Principal Financial Group Inc. lifted its position in shares of Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after buying an additional 368,518 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in shares of Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after acquiring an additional 257 shares during the period. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of research analyst reports. TD Cowen lifted their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Craig Hallum increased 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 upped their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.90.

About Credo Technology Group

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.