Insider Selling: Credo Technology Group (NASDAQ:CRDO) COO Sells $11,482,400.00 in Stock

Key Points

• Credo Technology Group's COO, Yat Tung Lam, sold 80,000 shares for a total of $11.48 million, reducing his stake by 8% to 920,000 shares.
• Following this sale, Credo's stock price fell by 3.8% to $143.87 and the company's market capitalization is currently approximately $24.89 billion.
• Analysts have issued favorable ratings for the stock, with targets ranging from $165 to $170, and an overall average rating of "Buy" reflecting strong investor sentiment.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) COO Yat Tung Lam sold 80,000 shares of Credo Technology Group stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $143.53, for a total transaction of $11,482,400.00. Following the completion of the sale, the chief operating officer owned 920,000 shares in the company, valued at approximately $132,047,600. This trade represents a 8.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Credo Technology Group Stock Down 3.8%

Shares of NASDAQ CRDO traded down $5.76 during trading on Friday, hitting $143.87. The company had a trading volume of 6,142,490 shares, compared to its average volume of 5,299,449. The stock has a fifty day simple moving average of $132.35 and a two-hundred day simple moving average of $87.39. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $176.70. The firm has a market capitalization of $24.89 billion, a price-to-earnings ratio of 214.73 and a beta of 2.60.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The company had revenue of $223.07 million during the quarter, compared to analyst estimates of $190.63 million. During the same quarter last year, the business earned $0.04 EPS. The firm'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. On average, analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in 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 buying an additional 430,445 shares during the period. JPMorgan Chase & Co. increased its stake 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 increased its stake 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 increased its stake in Credo Technology Group by 29.5% during the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company's stock worth $129,280,000 after buying an additional 733,811 shares during the period. Finally, Alliancebernstein L.P. increased 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 valued at $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CRDO. Barclays lifted their target price on shares of Credo Technology Group from $85.00 to $165.00 and gave the company an "overweight" rating in a research report on Thursday, September 4th. Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Thursday, September 4th. TD Cowen began coverage on shares of Credo Technology Group in a research report on Wednesday. They set a "buy" rating and a $170.00 price target on the stock. Susquehanna boosted their price target on shares of Credo Technology Group from $115.00 to $165.00 and gave the stock a "positive" rating in a research report on Thursday, September 4th. Finally, Roth Capital restated a "buy" rating and set a $170.00 price target on shares of Credo Technology Group in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $128.55.

About Credo Technology Group

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.

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