Insider Selling: Credo Technology Group (NASDAQ:CRDO) Director Sells 5,000 Shares of Stock

Key Points

• Manpreet Khaira, a director at Credo Technology Group, sold 5,000 shares of stock for a total of $748,350, reducing their ownership by 7.86% to approximately 58,574 shares.
• The company's stock traded at $131.41 per share, with a market capitalization of $22.73 billion and a P/E ratio of 196.13, reflecting high valuation ratios compared to earnings.
• Despite missing earnings estimates with $0.34 EPS against a forecast of $0.36, Credo reported revenue of $223.07 million, up 273.6% year-over-year, demonstrating significant growth in sales.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) Director Manpreet Khaira sold 5,000 shares of the company's stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $149.67, for a total value of $748,350.00. Following the completion of the sale, the director owned 58,574 shares in the company, valued at approximately $8,766,770.58. This represents a 7.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Credo Technology Group Stock Performance

CRDO traded up $1.66 during mid-day trading on Wednesday, reaching $131.41. The stock had a trading volume of 6,220,555 shares, compared to its average volume of 5,374,544. The firm's fifty day simple moving average is $137.72 and its two-hundred day simple moving average is $93.11. The stock has a market capitalization of $22.73 billion, a P/E ratio of 196.13 and a beta of 2.60. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $176.70.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates 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 period last year, the company earned $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, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Mizuho boosted their price objective on Credo Technology Group from $135.00 to $155.00 and gave the stock an "outperform" rating in a report on Thursday, September 4th. Barclays restated an "overweight" rating and set a $165.00 price objective on shares of Credo Technology Group in a report on Tuesday, October 7th. Susquehanna boosted their price target on Credo Technology Group from $115.00 to $165.00 and gave the company a "positive" rating in a research note on Thursday, September 4th. Weiss Ratings reiterated a "hold (c)" rating on shares of Credo Technology Group in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and an average price target of $128.55.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of CRDO. GAMMA Investing LLC increased its holdings in Credo Technology Group by 103.5% in the first quarter. GAMMA Investing LLC now owns 1,982 shares of the company's stock valued at $80,000 after purchasing an additional 1,008 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in Credo Technology Group during the 1st quarter worth about $301,000. Janney Montgomery Scott LLC grew its holdings in Credo Technology Group by 27.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock worth $270,000 after acquiring an additional 1,467 shares during the period. Fortitude Advisory Group L.L.C. grew its holdings in Credo Technology Group by 23.2% during the 1st quarter. Fortitude Advisory Group L.L.C. now owns 6,390 shares of the company's stock worth $241,000 after acquiring an additional 1,203 shares during the period. Finally, Rakuten Securities Inc. boosted its position in shares of Credo Technology Group by 81.8% during the 1st quarter. Rakuten Securities Inc. now owns 4,248 shares of the company's stock worth $171,000 after purchasing an additional 1,911 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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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