Credo Technology Group Target of Unusually Large Options Trading (NASDAQ:CRDO)

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) saw some unusual options trading on Wednesday. Stock traders acquired 28,094 call options on the stock. This represents an increase of 38% compared to the typical daily volume of 20,408 call options.

Insiders Place Their Bets

In other Credo Technology Group news, Director Sylvia Acevedo sold 1,875 shares of Credo Technology Group stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $185.17, for a total value of $347,193.75. Following the completion of the sale, the director owned 21,098 shares of the company’s stock, valued at approximately $3,906,716.66. The trade was a 8.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Laufman sold 10,000 shares of Credo Technology Group stock in a transaction on Wednesday, December 24th. The stock was 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 of the company’s stock, valued at $32,235,750. The trade was a 4.45% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,094,190 shares of company stock valued at $168,534,369. Insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Vanguard Group Inc. boosted its position in shares of Credo Technology Group by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company’s stock valued at $2,406,261,000 after acquiring an additional 150,012 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after purchasing an additional 1,190,522 shares during the period. Geode Capital Management LLC boosted its holdings in Credo Technology Group by 4.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after purchasing an additional 163,305 shares during the last quarter. Swedbank AB boosted its holdings in Credo Technology Group by 29.5% in the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after purchasing an additional 733,811 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Up 6.0%

Shares of Credo Technology Group stock traded up $7.99 on Wednesday, reaching $140.94. 7,808,975 shares of the stock were exchanged, compared to its average volume of 7,199,530. Credo Technology Group has a twelve month low of $29.09 and a twelve month high of $213.80. The business has a 50 day moving average price of $156.14 and a two-hundred day moving average price of $136.02. The firm has a market capitalization 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 quarterly earnings data 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. The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company’s revenue for the quarter was up 272.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. Research analysts forecast that Credo Technology Group will post 0.13 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 target price on Credo Technology Group in a report on Wednesday, October 1st. Wall Street Zen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. KGI Securities upgraded Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target on the stock in a report on Tuesday, December 2nd. Finally, Barclays upped their price objective on Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” 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. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $206.85.

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.