Credo Technology Group Target of Unusually Large Options Trading (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 approximately 54% compared to the typical daily volume of 2,182 call options.

Credo Technology Group Stock Down 2.1 %

Shares of NASDAQ:CRDO traded down $1.03 during midday trading on Monday, reaching $47.93. The company’s stock had a trading volume of 1,104,664 shares, compared to its average volume of 2,259,564. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $51.40. The firm has a 50 day moving average of $39.24 and a 200-day moving average of $32.16. The firm has a market capitalization of $7.96 billion, a P/E ratio of -306.00 and a beta of 2.19.

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 the consensus estimate of ($0.03) by ($0.03). The company had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. On average, research analysts predict that Credo Technology Group will post -0.02 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Mizuho upped their price target on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group upped their target price on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Needham & Company LLC upped their price objective 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, Barclays lifted their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $36.56.

Insider Activity

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares of the company’s stock, valued at $79,908,909.60. This represents a 0.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the transaction, the director now owns 2,638,725 shares in the company, valued at $80,481,112.50. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,324,817 shares of company stock worth $43,552,936. 16.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in the company. Point72 Asset Management L.P. increased its holdings in Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after buying an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC raised its holdings in Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares during the period. Swedbank AB lifted its position in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Geode Capital Management LLC grew its holdings in Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after purchasing an additional 170,412 shares during the period. Finally, Wellington Management Group LLP increased its position in Credo Technology Group by 32.7% in the third 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 in the last quarter. 80.46% of the stock is currently owned by institutional investors.

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.