Investors Buy Large Volume of Call Options on Credo Technology Group (NASDAQ:CRDO)

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) was the target of some unusual options trading activity on Wednesday. Investors acquired 11,274 call options on the stock. This represents an increase of 41% compared to the average volume of 7,970 call options.

Credo Technology Group Price Performance

NASDAQ CRDO traded up $4.45 on Wednesday, reaching $84.16. The stock had a trading volume of 5,580,172 shares, compared to its average volume of 3,968,910. Credo Technology Group has a 1-year low of $22.50 and a 1-year high of $86.78. The company has a market cap of $14.29 billion, a P/E ratio of 311.40 and a beta of 2.42. The firm has a fifty day moving average of $55.33 and a two-hundred day moving average of $59.79.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The business had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same period in the previous year, the company posted $0.07 earnings per share. The firm's revenue for the quarter was up 179.6% compared to the same quarter last year. Research analysts predict that Credo Technology Group will post 0.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CRDO. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. TD Cowen increased their price objective on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday. Mizuho cut their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Finally, Stifel Nicolaus upped their target price on shares of Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $81.00.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the transaction, the chief financial officer now directly owns 608,602 shares in the company, valued at approximately $24,800,531.50. The trade was a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total value of $452,300.00. Following the transaction, the chief operating officer now owns 2,802,447 shares in the company, valued at $126,754,677.81. This trade represents a 0.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 728,121 shares of company stock worth $40,308,283 over the last ninety days. Company insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Operose Advisors LLC boosted its stake in shares of Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after purchasing an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Credo Technology Group in the first quarter valued at approximately $25,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Credo Technology Group during the first quarter worth $27,000. Harbour Investments Inc. bought a new position in shares of Credo Technology Group in the 1st quarter valued at $29,000. Finally, Virtus Advisers LLC bought a new position in shares of Credo Technology Group in the 1st quarter valued at $31,000. 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.

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