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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) was the target of some unusual options trading on Tuesday. Stock traders acquired 30,831 call options on the stock. This represents an increase of approximately 15% compared to the average volume of 26,836 call options.

Credo Technology Group Stock Up 4.4%

Shares of Credo Technology Group stock traded up $9.79 on Tuesday, hitting $232.06. The stock had a trading volume of 10,584,337 shares, compared to its average volume of 7,349,729. Credo Technology Group has a one year low of $66.75 and a one year high of $252.70. The stock has a market cap of $42.80 billion, a price-to-earnings ratio of 93.32, a PEG ratio of 1.34 and a beta of 3.22. The stock’s 50-day simple moving average is $172.17 and its two-hundred day simple moving average is $147.79.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The firm had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. During the same period in the previous year, the firm earned $0.20 earnings per share. The business’s revenue was up 157.0% compared to the same quarter last year. As a group, equities analysts predict that Credo Technology Group will post 3.93 EPS for the current fiscal year.

Analyst Ratings Changes

CRDO has been the subject of several analyst reports. Mizuho raised their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Stifel Nicolaus set a $250.00 price target on Credo Technology Group in a research note on Wednesday, May 27th. Roth Mkm lifted their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Rothschild & Co Redburn initiated coverage on Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. Finally, Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $248.41.

Insider Activity

In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at $737,630,712. This trade represents a 0.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the sale, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 386,608 shares of company stock valued at $50,371,351 in the last 90 days. 11.84% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Institutional investors have recently made changes to their positions in the stock. Savant Capital LLC lifted its holdings in Credo Technology Group by 0.7% in the 3rd quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after purchasing an additional 68 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after buying an additional 77 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in shares of Credo Technology Group by 0.6% in the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after acquiring an additional 91 shares during the period. QRG Capital Management Inc. lifted its holdings in Credo Technology Group by 1.7% in the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after acquiring an additional 91 shares during the period. Finally, Bank of Nova Scotia increased its holdings in shares of Credo Technology Group by 1.6% during the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock valued at $566,000 after purchasing an additional 92 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high?speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low?latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high?speed analog and mixed?signal devices designed to preserve signal integrity and extend reach over copper and optical links.