Credo's biggest insider move was a $0 gift of 200,000 shares; the week's market sales were $7.7 million
Credo's COO moved 200,000 shares into a family trust at a price of $0, and the only stock the week's filings sent to market was $7.7 million of pre-planned sales.
Vincent Jiang · 3 min read
A $0 price on a $43 million move
On October 7, Credo+1.81% — Credo, up 1.81 percent today Technology's chief operating officer, Yat Tung Lam, moved 200,000 shares out of his direct holding, worth about $43 million at the October 9 close of $216.55 12. The price on the Form 4 is zero. No buyer, no broker, no order: the transaction code is G, for gift 1.
One transfer, filed on two lines
The filing records the move twice, as 200,000 shares disposed from direct holdings and as 200,000 acquired by Lam GRAT 2026 II, a grantor retained annuity trust Lam co-trustees 1. Read the lines as two gifts and the transfer doubles to 400,000 shares; the footnote says one gift of 200,000 1. A GRAT pays its creator a fixed annuity and hands the remainder to family, with the taxable gift engineered toward zero 3. A first such trust already holds 100,000 shares, and family vehicles hold 550,000 more; Lam's combined position, about 2.8 million shares, is unchanged by the gift 1.
The run that built the pile
Credo closed October 9 worth $40.7 billion, up 50.5% this year and 1,201% over three years, though still about 30% below its 52-week high of $308.67 2. Revenue last quarter was $479 million, up 115% year over year, against $44 million three years ago 4.
Quarterly revenue has grown almost elevenfold in three years
Data
| Revenue | |
|---|---|
| Q3 '23 | $44.04M |
| Q4 '23 | $53.06M |
| Q1 '24 | $60.78M |
| Q2 '24 | $59.71M |
| Q3 '24 | $72.03M |
| Q4 '24 | $135M |
| Q1 '25 | $170.03M |
| Q2 '25 | $223.07M |
| Q3 '25 | $268.03M |
| Q4 '25 | $407.01M |
| Q1 '26 | $437M |
| Q2 '26 | $479M |
What actually reached the market: $7.7 million
The market-facing filings are smaller and pre-programmed. The family trust of chief technology officer Chi Fung Cheng sold 27,500 shares for $6.09 million at a $221.48 average on October 6, under a Rule 10b5-1 plan adopted in September 2025; the trust kept 5.63 million shares 56. Chief financial officer Daniel Fleming's Form 144 proposes 7,580 shares worth $1.61 million through Goldman Sachs+1.73% — Goldman Sachs, up 1.73 percent today under a January 12 plan, the same lot he sold in July for $1.86 million 79. Two withholdings at $218.64 for RSU taxes, 2,460 shares from Cheng and 3,180 from Lam, are payroll, not judgment 58. Market supply in the week's filings: about $7.7 million, against 187.95 million shares outstanding 72.
The week's biggest Credo insider move never reached the market
- Estimate
Data
| Value | |
|---|---|
| Lam gift to GRAT | 200,000 shares |
| Cheng trust 10b5-1 sale | 27,500 shares |
| Fleming proposed sale (estimate) | 7,580 shares |
| Lam RSU tax withholding | 3,180 shares |
| Cheng RSU tax withholding | 2,460 shares |
The drip has run all year
This week is not the whole record. Lam sold 100,000 shares for $20.6 million on September 25 and 50,000 more for $10.3 million on October 1 9. Cheng's trust has clipped 27,500-share lots since spring; its reported position is down from about 7.5 million shares in June 2025 to 5.77 million 9. Chief executive Bill Brennan sold 16,672 shares on September 14 9. What the bears lack is fresh information: the trading plans predate this week's 3.7% selloff across optics stocks, and the gift sold nothing 5711.
Insider selling peaked in late September and thinned through the week's filings
- Value of insider sales
- Estimate
Data
| Value of insider sales | |
|---|---|
| Jul | $1.86M |
| Sep 25 | $20.6M |
| Oct 1 | $10.3M |
| Oct 6 | $6.09M |
| Oct, proposed (estimate) | $1.61M |
Brennan speaks Monday
Credo will show its 1.6T ZeroFlap cables, optics and Weaver memory fanout at the OCP Global Summit in San Jose, October 12 to 15; Brennan's session, "Wider. Slower. Better: Optics That Can Beat Copper," runs at 3:20 p.m. on the 12th 10. The filings do not say Credo's officers are getting out of the stock. They say they are getting organized.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
