NEW YORK, June 26, 2026, 18:02 (EDT)
- Credo ended the session off 11.2% at $238.00, and was last at $237.45 in after-hours trading at 6:02 p.m. EDT.
- Trading volume Friday beat the total from the last four sessions put together, according to WSJ/FactSet daily figures.
- The drop wiped out about $12 billion in equity value from where shares closed Monday, based on MarketWatch’s shares outstanding.
Credo Technology Group Holding Ltd NASDAQ:CRDO dropped 11.2% to $238.00 on Friday. Volume was the striking number, with about 38.51 million shares traded, topping the combined 34.76 million from Monday to Thursday, according to WSJ/FactSet data. The largest turnover landed on the day shares fell, not the stock’s recent record day.
The stock touched $308.67 Monday before finishing at $302.52. By Friday’s close, shares had fallen 21.3% from that record finish. With 186.48 million shares outstanding, MarketWatch said the stock lost about $12.0 billion in equity value from Monday’s close.
Credo traded at $237.45 in after-hours as of 6:02 p.m. EDT, ticking down another 0.23%. Shares saw heavy action in the regular session with 38.59 million traded—495% of the 65-day average—according to MarketWatch.
Credo is still trading at a high AI growth multiple. As of Friday’s close, using MarketWatch’s share count, the company’s equity was valued near $44.4 billion. That’s about 33 times the $1.335 billion in fiscal 2026 revenue it posted for the year through May 2.
Credo’s fourth-quarter revenue jumped 157% to $437.0 million. The company put its outlook for first-quarter fiscal 2027 revenue between $465 million and $475 million. CEO Bill Brennan said fiscal 2026 revenue “more than tripled to $1.3 billion.” Credo Technology Group
The stock had been moving up until it gave way. On Monday, Stifel lifted its price target to $350 from $250. Evercore ISI initiated coverage with an outperform and a $325 target. BNP Paribas remained bullish. Analyst Karl Ackerman at BNP called Credo a “key beneficiary” as hyperscalers pick up copper and optical interconnects, according to Investor’s Business Daily. Investor’s Business Daily
Analyst sentiment is still bullish, according to WSJ/FactSet. Out of 21 ratings, 19 were buys, one overweight, one hold, and zero sells. The average price target came in at $280.14, topping Friday’s close at $238.00.
Chip stocks slumped 5.3% on Friday and dropped 7.7% for the week, their weakest weekly showing since March 2025. The Nasdaq Composite slipped 0.24%, Reuters reported. But Credo tumbled even more, with its one-day drop coming in at more than double the decline of the chip sector.
Friday brought a quirk in market structure as Russell index changes landed after the U.S. close. Reuters said the day’s trade from the reconstitution was pegged near $150 billion. Jefferies analyst Steven DeSanctis said the event could lead to a “really massive trade” with “dramatic” turnover. Stephens analyst Melissa Roberts called Friday a “key liquidity day.” Reuters
Credo’s stock saw two big moves, but volume tells the story. Monday, shares climbed 11.3% on 9.53 million traded. Friday, though, the stock fell 11.2% and 38.51 million shares changed hands. That spread leaves the market trying to sort if the AI interconnect premium for Credo is just losing steam, or if it’s actually getting repriced.
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