Credo Technology Group (NASDAQ:CRDO) Shares Down 9.1% on Insider Selling

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 9.1% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $163.84 and last traded at $164.23. Approximately 5,742,405 shares traded hands during mid-day trading, an increase of 7% from the average daily volume of 5,380,462 shares. The stock had previously closed at $180.64.

Specifically, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $171.23, for a total value of $8,561,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,942,502 shares of the company’s stock, valued at approximately $332,614,617.46. This trade represents a 2.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 18,016 shares of Credo Technology Group stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $171.23, for a total transaction of $3,084,879.68. Following the completion of the sale, the chief executive officer directly owned 319,907 shares of the company’s stock, valued at $54,777,675.61. The trade was a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In related news, COO Yat Tung Lam sold 80,000 shares of Credo Technology Group stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $169.27, for a total transaction of $13,541,600.00. Following the transaction, the chief operating officer owned 770,000 shares in the company, valued at approximately $130,337,900. The trade was a 9.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. William Blair started coverage on shares of Credo Technology Group in a research report on Thursday, September 18th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. began coverage on shares of Credo Technology Group in a report on Friday, October 17th. They set an “overweight” rating and a $165.00 target price for the company. Stifel Nicolaus set a $160.00 price objective on shares of Credo Technology Group in a research note on Wednesday, October 1st. TD Cowen started coverage on shares of Credo Technology Group in a report on Wednesday, October 1st. They set a “buy” rating and a $170.00 price target on the stock. Finally, Barclays restated an “overweight” rating and issued a $165.00 price target on shares of Credo Technology Group in a research report on Tuesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $140.36.

Credo Technology Group Stock Down 9.1%

The stock has a market cap of $28.39 billion, a price-to-earnings ratio of 244.97 and a beta of 2.62. The stock’s fifty day moving average is $148.65 and its 200-day moving average is $105.39.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The business had revenue of $223.07 million for the quarter, compared to analyst estimates of $190.63 million. During the same quarter in the previous year, the company posted $0.04 EPS. The business’s revenue for the quarter was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Credo Technology Group by 2.7% during the second quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock worth $1,516,195,000 after buying an additional 430,445 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Credo Technology Group by 36.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after buying an additional 1,739,844 shares during the period. Geode Capital Management LLC boosted its position in Credo Technology Group by 4.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after buying an additional 163,305 shares during the period. Swedbank AB lifted its position in shares of Credo Technology Group by 29.5% in the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock worth $129,280,000 after purchasing an additional 733,811 shares during the period. Finally, Alliancebernstein L.P. lifted its position in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after purchasing an additional 1,218,504 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.