Credo Technology Group Holding Ltd's stock plummeted 5.68% during intraday trading on Friday, as the semiconductor company faced selling pressure following a recent sharp rally.

The decline comes after company officer Daniel Fleming filed a Form 144 to sell 60,000 shares of common stock valued at approximately $15.89 million. The planned disposition is structured under Rule 10b5-1(c) requirements, and the insider selling announcement follows the stock's significant gains over consecutive sessions.

Prior to the decline, Credo Technology had rallied sharply after multiple Wall Street firms raised their target prices, with Needham setting a $275 target with a Buy rating, JPMorgan at $250 with an Overweight rating, and Roth Capital at $300. These upgrades came following the company's strong Q4 fiscal year results, which showed a 157% year-over-year revenue surge to $437 million and adjusted EPS of $1.16, beating expectations by 12.6%. The extended gains amplified short-term profit-taking pressure, while broader semiconductor sector weakness added additional drag on the stock.