Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares, rose in value, with the stock price down by -1.29% to the previous day’s close as strong demand from buyers drove the stock to $21.36.
Actively observing the price movement in the last trading, the stock closed the session at $21.64. The value of beta (5-year monthly) was 2.00. Referring to stock’s 52-week performance, its high was $23.90, and the low was $7.20. On the whole, CRDO has fluctuated by -2.02% over the past month.
With the market capitalization of Credo Technology Group Holding Ltd currently standing at about $3.49 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 29, 2024 – Jun 03, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.05, which is expected to increase to $0.06 for fiscal year $0.07 and then to about $0.34 by fiscal year 2025. Data indicates that the EPS growth is expected to be 40.00% in 2025, while the next year’s EPS growth is forecast to be 385.70%.
Analysts have estimated the company’s revenue for the quarter at $60.72 million, with a low estimate of $60.47 million and a high estimate of $61.81 million. According to the average forecast, sales growth in current quarter could jump up 89.20%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $192.53 million, representing an increase of 4.50% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that CRDO’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CRDO currently trading nearly 1.16% and -0.55% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 50.00, while the 7-day volatility ratio is showing 5.59% which for the 30-day chart, stands at 5.05%. Furthermore, Credo Technology Group Holding Ltd (CRDO)’s beta value is 1.96, and its average true range (ATR) is 1.10.
A comparison of Credo Technology Group Holding Ltd (CRDO) with its peers suggests the former has fared considerably weaker in the market. CRDO showed an intraday change of -1.29% in last session, and over the past year, it grew by 135.24%%.
Data on historical trading for Credo Technology Group Holding Ltd (NASDAQ:CRDO) indicates that the trading volumes over the past 10 days have averaged 1.59 million and over the past 3 months, they’ve averaged 2.26 million. According to company’s latest data on outstanding shares, there are 148.65 million shares outstanding.
Nearly 22.94% of Credo Technology Group Holding Ltd’s shares belong to company insiders and institutional investors own 66.80% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 9.99 million shares as on Mar 15, 2024, resulting in a short ratio of 4.05. According to the data, the short interest in Credo Technology Group Holding Ltd (CRDO) stood at 6.12% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 9.26 million. The stock has risen by 9.71% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CRDO stock heading into the next quarter.
