Stock Traders Purchase 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. Traders bought 28,094 call options on the stock. This represents an increase of approximately 38% compared to the typical volume of 20,408 call options.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 30,000 shares of the company’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $143.61, for a total transaction of $4,308,300.00. Following the sale, the chief technology officer owned 6,418,961 shares in the company, valued at $921,826,989.21. This represents a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James Laufman sold 10,000 shares of the stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. Following the completion of the sale, the insider directly owned 214,905 shares in the company, valued at $32,235,750. This represents a 4.45% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,094,190 shares of company stock valued at $168,534,369. 11.84% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group during the 3rd quarter worth $25,000. First Horizon Corp purchased a new position in Credo Technology Group during the third quarter worth about $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Credo Technology Group in the second quarter valued at about $27,000. Smartleaf Asset Management LLC boosted its holdings in Credo Technology Group by 133.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after purchasing an additional 147 shares in the last quarter. Finally, Park Place Capital Corp acquired a new position in Credo Technology Group during the 3rd quarter worth approximately $41,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of recent research reports. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. New Street Research set a $240.00 price target on shares of Credo Technology Group in a report on Tuesday, December 2nd. Susquehanna increased their price objective on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a research report on Wednesday, October 22nd. Barclays lifted their price objective on shares of Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. Finally, Bank of America boosted their target price on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $206.85.

Credo Technology Group Stock Up 6.0%

Credo Technology Group stock traded up $7.99 during mid-day trading on Wednesday, hitting $140.94. The company had a trading volume of 7,808,975 shares, compared to its average volume of 7,199,530. Credo Technology Group has a 1 year low of $29.09 and a 1 year high of $213.80. The business has a fifty day moving average of $156.14 and a 200 day moving average of $136.02. The stock has a market cap of $25.46 billion, a price-to-earnings ratio of 123.64 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. During the same quarter in the prior year, the business posted $0.07 EPS. The company’s revenue for the quarter was up 272.1% on a year-over-year basis. Equities analysts anticipate that Credo Technology Group will post 0.13 earnings per share for the current year.

About Credo Technology Group

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.