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 bought 10,846 call options on the stock. This is an increase of 76% compared to the average daily volume of 6,171 call options.

Insiders Place Their Bets

In other Credo Technology Group news, Director Lip Bu Tan sold 3,799 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the completion of the sale, the director now owns 1,709,926 shares of the company’s stock, valued at $120,943,065.98. This trade represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $57.87, for a total value of $3,182,850.00. Following the transaction, the chief technology officer now owns 8,213,602 shares of the company’s stock, valued at $475,321,147.74. This trade represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,338,175 shares of company stock valued at $92,697,698 over the last three months. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rakuten Securities Inc. bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $30,000. Brown Brothers Harriman & Co. lifted its position in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after acquiring an additional 1,001 shares during the last quarter. Kestra Investment Management LLC purchased a new stake in Credo Technology Group during the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group in the fourth quarter valued at approximately $43,000. Finally, Principal Securities Inc. grew its holdings in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 13.7 %

Shares of NASDAQ:CRDO traded down $7.42 on Wednesday, reaching $46.91. The company had a trading volume of 14,812,231 shares, compared to its average volume of 3,003,882. The firm has a market capitalization of $7.84 billion, a PE ratio of -312.53 and a beta of 2.09. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $86.69. The firm’s 50 day simple moving average is $70.29 and its 200-day simple moving average is $52.20.

Wall Street Analyst Weigh In

Several research analysts recently commented on CRDO shares. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Mizuho raised their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Craig Hallum boosted their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, Stifel Nicolaus upped their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $74.90.

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.