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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was the target of unusually large options trading activity on Monday. Traders acquired 3,364 call options on the company. This represents an increase of 54% compared to the typical volume of 2,182 call options.

Credo Technology Group Stock Down 2.1 %

Shares of NASDAQ:CRDO traded down $1.03 during trading on Monday, hitting $47.93. The stock had a trading volume of 1,104,664 shares, compared to its average volume of 2,259,564. The stock has a 50-day simple moving average of $39.24 and a two-hundred day simple moving average of $32.16. The stock has a market capitalization of $7.96 billion, a price-to-earnings ratio of -306.00 and a beta of 2.19. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $51.40.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The business had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. As a group, sell-side analysts forecast that Credo Technology Group will post -0.02 earnings per share for the current year.

Analyst Ratings Changes

CRDO has been the topic of several research analyst reports. Stifel Nicolaus upped their price objective on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Roth Mkm raised their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group boosted their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, Craig Hallum raised their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.56.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the transaction, the chief technology officer now directly owns 8,728,602 shares in the company, valued at $413,473,876.74. The trade was a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the sale, the director now owns 2,638,725 shares of the company’s stock, valued at $80,481,112.50. This represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,324,817 shares of company stock worth $43,552,936 over the last three months. 16.04% of the stock is currently owned by company insiders.

Institutional Trading of Credo Technology Group

Hedge funds have recently modified their holdings of the stock. Swedbank AB lifted its holdings in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the period. Point72 Asset Management L.P. boosted its stake 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 worth $120,627,000 after acquiring an additional 1,660,230 shares in the last quarter. FMR LLC grew its position in shares of Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares during the period. Wellington Management Group LLP boosted its position in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after buying an additional 368,518 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.