Cohu CEO Exits Stock Peak Before AMD-Led Investor Day
Cohu CEO Luis Muller sold 104,692 shares for approximately $6.7 million between September 21 and October 2, with his final sale landing just $1.69 below the stock's $74.69 all-time high. Six days afte
Cohu CEO Unloads $6.7M Near Stock Peak Before Investor Day
NEW YORK, October 14 —
When a CEO sells $6.7 million in stock across 12 days and stops within $1.69 of the all-time high, then six days later announces an Investor Day headlined by his largest customer, the sequence matters. Cohu, Inc. (COHU) President and CEO Luis Muller exited three tranches at $60, $65, and $73 between September 21 and October 2, every price now above the stock's current $58.24.
- Muller sold 104,692 shares for approximately $6.7M in proceeds; all three exit prices sit above the current share price of $58.24. [Form 4 filings]
- Short interest at 22.9% of float; trailing GAAP EPS of -$0.83 despite a Q2 2026 beat of 86.5% over consensus.
- Total net insider selling over 90 days: $8.32 million. Zero insider purchases.
The CEO's Exit, Priced to Perfection
Muller's three tranches, 55,794 shares at $60 on September 21, 27,236 at $65 on September 25, and 21,662 at $73 on October 2, came as the stock raced toward its all-time high of $74.69, hit roughly 12 days before today's date. His final sale at $73 landed $1.69 below the peak. Cohu makes semiconductor test and inspection equipment, thermal subsystems, and yield-optimization software like its DI-Core suite, capital equipment tied directly to semiconductor production cycles, a category that has drawn an aggressive AI-driven re-rating across the sector. The question is not whether Muller knows his business. The question is whether this exit pattern reflects private conviction about what the Investor Day pitch can realistically deliver.
An Investor Day Built Around the AI Theme
Six days after Muller's last sale, Cohu announced a November 10 Investor Day in New York featuring a keynote from AMD, which Cohu describes as "one of Cohu's largest customers and a global leader in high-performance and AI computing." The event is designed to show growth platforms and financial targets to institutional investors. Trailing revenue of $0.52 billion reflects 38.4% year-over-year growth, and Cohu holds $0.50 billion in cash against $0.33 billion in debt. The bulls have a case. But a CEO who needed liquidity before an institutional showcase anchored to AMD's AI narrative is not the posture that typically precedes a re-rating event.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| COHU | $2.8B | 31.5x | +176.7% |
| KLIC | $4.4B | 14.3x | +121.0% |
| UCTT | $2.5B | 9.1x | +107.4% |
| ACLS | $3.7B | 22.5x | +49.1% |
| PLAB | $1.7B | 13.7x | +23.9% |
| ICHR | $1.8B | 14.6x | +121.3% |
What the Short Side Already Knows
With 22.9% of the float short and trailing GAAP EPS at -$0.83, Cohu's forward P/E of 31.5x is priced on a recovery the income statement has not yet confirmed. Earnings have swung hard: a 338.7% miss in Q4 2025 followed by an 86.5% beat in Q2 2026 is not a company in steady execution mode. Total net insider selling over 90 days reached $8.32 million with zero purchases from any insider. The November 10 Investor Day is the next hard checkpoint, if AMD's keynote and management's financial targets deliver a growth framework that justifies the multiple, Muller's sales look like normal diversification. If guidance disappoints, the selling pattern will look worse in hindsight. Run the free Cohu, Inc. deep-dive → Cohu, Inc.'s latest numbers.
Current fundamentals, valuation and filing history for Cohu, Inc. (COHU) are tracked on its Basis Report page.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
How much stock did Cohu CEO Muller sell?
Cohu CEO Luis Muller sold 104,692 shares across three transactions between September 21 and October 2 for approximately $6.7 million in proceeds. He sold at $60, $65, and $73 per share, all prices now above the current stock price of $58.24.
What is Cohu's November Investor Day?
Cohu's November 10 Investor Day in New York will feature a keynote from AMD, which Cohu describes as one of its largest customers and a global leader in high-performance and AI computing. The event is positioned to showcase growth platforms and financial targets to institutional investors.
How close did the CEO's sales come to the stock peak?
Muller's final sale at $73 landed just $1.69 below Cohu's all-time high of $74.69, which the stock reached approximately 12 days before the article date. His exit timing came remarkably close to the stock's peak.
Are Cohu insiders buying or selling stock?
Total insider selling over the past 90 days reached $8.32 million with zero insider purchases from any Cohu executive. This one-sided activity reflects a lack of recent insider conviction in the stock.
What is Cohu's current valuation?
Cohu trades at a forward P/E of 31.5x with analyst consensus at $70.875, a 21.7% premium to the current price. However, this valuation assumes an earnings recovery that has not yet been confirmed on the income statement, given volatile quarterly results including a 338.7% miss in Q4 2025 and an 86.5% beat in Q2 2026.
Cohu President and CEO Luis Muller sold $6.7 million in shares across three open-market tranches at $60–$73 between September 21 and October 2 — all three exit prices now sit above the stock's current $58.24. Six days after his final sale, Cohu announced a November 10 Investor Day in New York featuring a keynote from AMD to showcase AI-driven semiconductor demand.
Sources & Filings