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 Performance

Shares of NASDAQ CRDO traded up $4.44 during mid-day trading on Tuesday, reaching $76.25. 4,995,194 shares of the company traded hands, compared to its average volume of 5,697,715. The company's fifty day moving average is $69.54 and its two-hundred day moving average is $46.62. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The stock has a market cap of $12.75 billion, a PE ratio of -508.33 and a beta of 2.09.

Insider Activity

In related news, CFO Daniel W. Fleming sold 12,504 shares of Credo Technology Group stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the transaction, the chief financial officer now directly owns 656,456 shares of the company's stock, valued at $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated 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 sale, the chief technology officer now directly owns 8,728,602 shares in the company, valued at approximately $413,473,876.74. This represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,360,679 shares of company stock worth $92,467,592. Corporate insiders own 16.04% of the company's stock.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Algert Global LLC bought a new stake in shares of Credo Technology Group in the 2nd quarter valued at approximately $622,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Credo Technology Group by 4.7% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,239,479 shares of the company's stock valued at $39,589,000 after buying an additional 55,135 shares in the last quarter. Diversified Trust Co grew its position in Credo Technology Group by 4.3% in the third quarter. Diversified Trust Co now owns 27,954 shares of the company's stock valued at $861,000 after acquiring an additional 1,156 shares during the period. CWM LLC raised its stake in Credo Technology Group by 105.7% during the third quarter. CWM LLC now owns 2,787 shares of the company's stock worth $86,000 after acquiring an additional 1,432 shares in the last quarter. Finally, Carnegie Investment Counsel lifted its holdings in shares of Credo Technology Group by 7.3% during the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company's stock valued at $9,610,000 after acquiring an additional 21,350 shares during the period. Institutional investors own 80.46% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, January 6th. TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Susquehanna started coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price objective on the stock. Needham & Company LLC increased their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock 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.

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.