Deep-pocketed investors have adopted a bullish approach towards Credo Technology Group CRDO, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CRDO usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 10 extraordinary options activities for Credo Technology Group. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 40% bearish. Among these notable options, 2 are puts, totaling $142,820, and 8 are calls, amounting to $341,216.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $40.0 to $80.0 for Credo Technology Group during the past quarter.
Volume & Open Interest Trends
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Credo Technology Group's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Credo Technology Group's whale activity within a strike price range from $40.0 to $80.0 in the last 30 days.
Credo Technology Group 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CRDO | PUT | TRADE | BEARISH | 12/20/24 | $2.05 | $1.9 | $2.05 | $65.00 | $100.0K | 1.5K | 769 |
| CRDO | CALL | SWEEP | BULLISH | 05/16/25 | $12.0 | $11.6 | $12.0 | $75.00 | $60.0K | 256 | 63 |
| CRDO | CALL | SWEEP | BEARISH | 05/16/25 | $11.6 | $11.1 | $11.5 | $80.00 | $57.5K | 231 | 53 |
| CRDO | CALL | SWEEP | BULLISH | 01/15/27 | $46.0 | $44.0 | $45.79 | $40.00 | $45.9K | 30 | 10 |
| CRDO | PUT | SWEEP | NEUTRAL | 01/17/25 | $7.0 | $6.7 | $6.9 | $70.00 | $42.7K | 115 | 258 |
About Credo Technology Group
Credo Technology Group Holding Ltd delivers high-speed solutions to break bandwidth barriers on every wired connection in the data infrastructure market. It provides secure, high-speed connectivity solutions that deliver improved power and cost efficiency as data rates and corresponding bandwidth requirements increase exponentially throughout the data infrastructure market. It has a geographic presence in Hong Kong, the United States, Mainland China, Taiwan, and the Rest of the World.
Having examined the options trading patterns of Credo Technology Group, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of Credo Technology Group
- Currently trading with a volume of 4,007,046, the CRDO's price is down by -9.27%, now at $67.35.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 78 days.
What The Experts Say On Credo Technology Group
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $73.0.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Needham persists with their Buy rating on Credo Technology Group, maintaining a target price of $70. * Maintaining their stance, an analyst from Craig-Hallum continues to hold a Buy rating for Credo Technology Group, targeting a price of $75. * In a positive move, an analyst from B of A Securities has upgraded their rating to Buy and adjusted the price target to $80. * An analyst from Goldman Sachs has decided to maintain their Buy rating on Credo Technology Group, which currently sits at a price target of $65. * Reflecting concerns, an analyst from Stifel lowers its rating to Buy with a new price target of $75.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Credo Technology Group with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
