CRDO is seeing double the intraday average options volume
Credo Technology Group Holding Ltd (NASDAQ:CRDO) doesn't report earnings until March, but the chip stock is already enjoying tailwinds from the company's preliminary third-quarter revenue beat and raised forecast. On track for its fourth-straight gain and third-straight double-digit percentage pop, CRDO was last seen up 11.2% to trade at $137.04.
Prior to the extended rebound over the past few days, Credo Technology stock hit a Feb. 5, six-month low of $94.19. Though the shares are down 4.5% year to date, they still carry a 78.4% 12-month lead. On the charts, the equity is also breaking firmly above the 20-day moving average today.
In the options pits, CRDO has seen 13,000 calls and 7,503 puts exchanged so far -- double the overall options volume typically seen at this point. The weekly 2/13 104-strike put is the most popular, with new positions being sold to open there.
Analysts are overwhelmingly bullish on the fabless semiconductor name. Of the 15 firms in coverage, 13 carry a "buy" or better rating, while two say "hold." Plus, the 12-month consensus price target of $216.96 is a 57.2% premium to current levels.