Investors Purchase High Volume of Credo Technology Group Call Options (NASDAQ:CRDO)

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the recipient of some unusual options trading activity on Monday. Traders acquired 3,364 call options on the stock. This represents an increase of 54% compared to the average daily volume of 2,182 call options.

Analysts Set New Price Targets

Several analysts have commented on CRDO shares. Roth Mkm lifted their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their target price for the company from $27.00 to $80.00 in a report on Tuesday. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Barclays boosted their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Needham & Company LLC upped their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $63.56.

Credo Technology Group Stock Up 47.9 %

Shares of NASDAQ:CRDO opened at $70.69 on Wednesday. The company has a market capitalization of $11.74 billion, a price-to-earnings ratio of -471.27 and a beta of 2.26. The company has a 50 day moving average of $40.42 and a two-hundred day moving average of $32.73. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $72.30.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 2.97% and a negative net margin of 9.70%. The business had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. On average, equities analysts anticipate that Credo Technology Group will post -0.02 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the sale, the chief technology officer now owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. This trade represents a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the transaction, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,337,321 shares of company stock worth $45,067,180. 16.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of CRDO. Price T Rowe Associates Inc. MD increased its stake in Credo Technology Group by 10.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock valued at $1,484,000 after purchasing an additional 6,813 shares during the last quarter. Public Employees Retirement Association of Colorado bought a new stake in Credo Technology Group during the 1st quarter valued at $352,000. California State Teachers Retirement System lifted its holdings in Credo Technology Group by 7.7% in the first quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock worth $2,729,000 after purchasing an additional 9,218 shares during the period. Harbor Capital Advisors Inc. increased its stake in shares of Credo Technology Group by 319.8% during the second quarter. Harbor Capital Advisors Inc. now owns 31,383 shares of the company’s stock valued at $1,002,000 after acquiring an additional 23,907 shares during the period. Finally, Kingswood Wealth Advisors LLC bought a new stake in shares of Credo Technology Group in the 2nd quarter worth $392,000. Institutional investors own 80.46% of the company’s stock.

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.