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 stock traded as low as $163.84 and last traded at $164.23. Approximately 5,742,405 shares traded hands during 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 Credo Technology Group stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $171.23, for a total transaction of $8,561,500.00. Following the sale, 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 document filed with the SEC, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $171.23, for a total value of $3,084,879.68. Following the completion of the transaction, the chief executive officer directly owned 319,907 shares in the company, valued at approximately $54,777,675.61. This trade represents 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 the company’s stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $169.27, for a total transaction of $13,541,600.00. Following the completion of the sale, the chief operating officer owned 770,000 shares in the company, valued at approximately $130,337,900. This represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CRDO shares. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research note on Wednesday, October 8th. Needham & Company LLC increased their price objective on Credo Technology Group from $85.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, September 4th. Wall Street Zen raised Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Barclays reaffirmed an “overweight” rating and issued a $165.00 price target on shares of Credo Technology Group in a report on Tuesday, October 7th. Finally, Roth Capital reiterated a “buy” rating and set a $170.00 price objective on shares of Credo Technology Group in a research report on Tuesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus price target of $140.36.

Credo Technology Group Stock Down 9.1%

The company has a fifty day simple moving average of $148.65 and a 200-day simple moving average of $105.39. The firm has a market cap of $28.39 billion, a P/E ratio of 244.97 and a beta of 2.62.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $223.07 million during the quarter, compared to analysts’ expectations of $190.63 million. During the same quarter in the prior year, the firm posted $0.04 earnings per share. Credo Technology Group’s quarterly revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in CRDO. Vanguard Group Inc. grew its stake in shares of Credo Technology Group by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock worth $1,516,195,000 after purchasing an additional 430,445 shares during the period. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 36.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after buying an additional 1,739,844 shares during the period. Geode Capital Management LLC raised its position in Credo Technology Group by 4.7% in the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after purchasing an additional 163,305 shares during the period. Swedbank AB raised its position in Credo Technology Group by 29.5% in the first quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after purchasing an additional 733,811 shares during the period. Finally, Alliancebernstein L.P. grew its stake in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares in the last quarter. 80.46% of the stock is 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.