Credo Technology Group (NASDAQ:CRDO) Stock Price Down 3.8% Following Insider Selling

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were down 3.8% on Friday after an insider sold shares in the company. The company traded as low as $141.50 and last traded at $143.87. Approximately 6,132,045 shares changed hands during trading, an increase of 16% from the average daily volume of 5,299,385 shares. The stock had previously closed at $149.63.

Specifically, COO Yat Tung Lam sold 80,000 shares of Credo Technology Group stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $143.53, for a total transaction of $11,482,400.00. Following the sale, the chief operating officer directly owned 920,000 shares in the company, valued at $132,047,600. The trade was a 8.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, September 29th. The stock was sold at an average price of $148.87, for a total value of $8,187,850.00. Following the sale, the chief technology officer owned 6,888,961 shares in the company, valued at $1,025,559,624.07. The trade was a 0.79% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRDO. Roth Capital restated a “buy” rating and issued a $170.00 price objective on shares of Credo Technology Group in a research note on Tuesday. Needham & Company LLC boosted their price objective on Credo Technology Group from $85.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday, September 4th. Barclays boosted their price objective on Credo Technology Group from $85.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, September 4th. Cowen restated a “buy” rating on shares of Credo Technology Group in a research note on Thursday, September 4th. Finally, Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Two investment 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’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $128.55.

Credo Technology Group Stock Down 3.8%

The company has a 50-day moving average price of $133.21 and a two-hundred day moving average price of $88.08. The stock has a market capitalization of $24.89 billion, a P/E ratio of 214.73 and a beta of 2.60.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share 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 for the quarter, compared to the consensus estimate of $190.63 million. During the same quarter in the prior year, the company earned $0.04 earnings per share. The company’s quarterly revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CRDO. Operose Advisors LLC grew its holdings in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after purchasing an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Credo Technology Group during the first quarter worth about $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Credo Technology Group during the first quarter worth about $27,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Credo Technology Group during the second quarter worth about $27,000. Finally, Harbour Investments Inc. purchased a new position in shares of Credo Technology Group during the first quarter worth about $29,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.