Credo Technology Group insider selling triggers 3% stock drop

Chief Technology Officer Chi Fung Cheng of Credo Technology Group Holding Ltd. sold 3,790 shares on July 8 at an average price of $258.71, a transaction valued at roughly $980,500 and reducing his ownership by about 2.6%. The sale, disclosed in an SEC filing and executed under a pre‑arranged Rule 10b5‑1 plan, follows a series of earlier large‑block disposals.

Following the disclosure, Credo’s shares fell about 3% in mid‑day trading, touching $253.43 before settling around $257.79, with trading volume roughly half of its normal daily average. Despite the insider activity, the company reported strong momentum, posting year‑over‑year revenue growth of 157% and beating earnings expectations. Analysts continue to rate the stock as a buy, maintaining a consensus price target of $263.11.