Sen. Markwayne Mullin Purchases Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Posted by Logan Wallace on Feb 2nd, 2025

Senator Markwayne Mullin (R-Oklahoma) recently bought shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO). In a filing disclosed on January 31st, the Senator disclosed that they had bought between $15,001 and $50,000 in Credo Technology Group stock on January 2nd.

Senator Markwayne Mullin also recently made the following trade(s):

Sold $15,001 – $50,000 in shares of iShares Core MSCI EAFE ETF (BATS:IEFA) on 1/8/2025.
Sold $15,001 – $50,000 in shares of iShares MSCI Eurozone ETF (BATS:EZU) on 1/8/2025.
Sold $1,001 – $15,000 in shares of Abbott Laboratories (NYSE:ABT) on 1/8/2025.
Purchased $15,001 – $50,000 in shares of The Goldman Sachs Group (NYSE:GS) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Iron Mountain (NYSE:IRM) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Coherent (NYSE:COHR) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Westinghouse Air Brake Technologies (NYSE:WAB) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Dell Technologies (NYSE:DELL) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Applied Industrial Technologies (NYSE:AIT) on 1/2/2025.
Purchased $15,001 – $50,000 in shares of Stride (NYSE:LRN) on 1/2/2025.

Credo Technology Group Stock Performance

CRDO stock opened at $70.02 on Friday. The firm has a fifty day moving average price of $68.45 and a 200 day moving average price of $45.89. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The firm has a market cap of $11.71 billion, a PE ratio of -466.80 and a beta of 2.11.

Insider Transactions at Credo Technology Group

In other news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the sale, the chief executive officer now directly owns 2,370,858 shares in the company, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,358,804 shares of company stock worth $92,342,042 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Needham & Company LLC raised their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays raised their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Roth Mkm upped their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Craig Hallum increased their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Mizuho upped their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Read Our Latest Analysis on Credo Technology Group

Institutional Trading of Credo Technology Group

Large investors have recently bought and sold shares of the stock. Point72 Hong Kong Ltd purchased a new position in shares of Credo Technology Group in the third quarter worth about $3,948,000. Wellington Management Group LLP increased its holdings in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares during the period. Centiva Capital LP purchased a new position in Credo Technology Group during the 3rd quarter worth approximately $553,000. Charles Schwab Investment Management Inc. lifted its stake in Credo Technology Group by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after acquiring an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Credo Technology Group by 94.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after acquiring an additional 118,169 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

About Senator Mullin

Markwayne Mullin (Republican Party) is a member of the U.S. Senate from Oklahoma. He assumed office on January 11, 2023. His current term ends on January 3, 2027. Mullin (Republican Party) ran in a special election to the U.S. Senate to represent Oklahoma. He won in the special general election on November 8, 2022. Mullin is a member of the Cherokee Nation and one of four Native American members of the 116th Congress. At the age of 20, Mullin took over his father’s plumbing business. He is also a former professional mixed martial artist. Markwayne Mullin graduated from Stilwell High School. Mullin earned an associate degree in construction technology from Oklahoma State University Institute of Technology. His career experience includes owning and founding multiple businesses.

About Credo Technology Group

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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.