Sen. Markwayne Mullin Buys Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares

Senator Markwayne Mullin (R-Oklahoma) recently bought shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO). In a filing disclosed on January 31st, the Senator disclosed that they had bought between $15,001 and $50,000 in Credo Technology Group stock on January 2nd.

Senator Markwayne Mullin also recently made the following trade(s):

• Sold $15,001 – $50,000 in shares of iShares Core MSCI EAFE ETF (BATS:IEFA) on 1/8/2025.
• Sold $15,001 – $50,000 in shares of iShares MSCI Eurozone ETF (BATS:EZU) on 1/8/2025.
• Sold $1,001 – $15,000 in shares of Abbott Laboratories (NYSE:ABT) on 1/8/2025.
• Purchased $15,001 – $50,000 in shares of The Goldman Sachs Group (NYSE:GS) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Iron Mountain (NYSE:IRM) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Coherent (NYSE:COHR) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Westinghouse Air Brake Technologies (NYSE:WAB) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Dell Technologies (NYSE:DELL) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Applied Industrial Technologies (NYSE:AIT) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Stride (NYSE:LRN) on 1/2/2025.

Credo Technology Group Stock Up 8.4 %

Shares of CRDO stock opened at $70.02 on Friday. The firm has a market capitalization of $11.71 billion, a price-to-earnings ratio of -466.80 and a beta of 2.11. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The firm has a fifty day moving average of $68.45 and a 200-day moving average of $45.80.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the transaction, the chief technology officer now owns 8,728,602 shares in the company, valued at approximately $413,473,876.74. This trade represents a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the transaction, the director now directly owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,358,804 shares of company stock worth $92,342,042 over the last 90 days. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CRDO. Nisa Investment Advisors LLC raised its position in Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after acquiring an additional 255 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after purchasing an additional 257 shares during the period. GAMMA Investing LLC lifted its stake in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after purchasing an additional 351 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in Credo Technology Group by 11.3% during the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after purchasing an additional 478 shares during the period. Finally, Kestra Investment Management LLC acquired a new position in Credo Technology Group during the fourth quarter worth approximately $38,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on CRDO. Needham & Company LLC raised their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Stifel Nicolaus increased their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, Craig Hallum boosted their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

About Senator Mullin

Markwayne Mullin (Republican Party) is a member of the U.S. Senate from Oklahoma. He assumed office on January 11, 2023. His current term ends on January 3, 2027. Mullin (Republican Party) ran in a special election to the U.S. Senate to represent Oklahoma. He won in the special general election on November 8, 2022. Mullin is a member of the Cherokee Nation and one of four Native American members of the 116th Congress. At the age of 20, Mullin took over his father’s plumbing business. He is also a former professional mixed martial artist. Markwayne Mullin graduated from Stilwell High School. Mullin earned an associate degree in construction technology from Oklahoma State University Institute of Technology. His career experience includes owning and founding multiple businesses.

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.