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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw unusually large options trading activity on Wednesday. Investors bought 10,846 call options on the stock. This represents an increase of approximately 76% compared to the average volume of 6,171 call options.

Credo Technology Group Stock Performance

Shares of CRDO opened at $46.73 on Thursday. The firm has a market capitalization of $7.82 billion, a price-to-earnings ratio of -311.53 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 business’s fifty day moving average price is $69.80 and its two-hundred day moving average price is $52.16.

Analyst Ratings Changes

A number of analysts have issued reports on CRDO shares. Stifel Nicolaus raised their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Mizuho upped their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Bank of America decreased their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday. TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted 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. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $74.90.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the transaction, the chief operating officer now owns 400,000 shares of the company’s stock, valued at $27,212,000. This trade represents a 20.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the sale, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. This represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,190,496 shares of company stock worth $82,695,512 in the last 90 days. 16.04% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Swedbank AB raised its stake in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the last quarter. Norges Bank acquired a new stake in Credo Technology Group during the 4th quarter worth $117,242,000. Point72 Asset Management L.P. raised its position in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after purchasing an additional 1,305,594 shares during the period. Finally, Polar Capital Holdings Plc boosted its position in shares of Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after purchasing an additional 1,150,084 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.