Credo Technology Group Holding Ltd (NASDAQ: CRDO) experienced a rise in shares on Friday, 03/24/23, with the stock price increasing by 0.49% from the previous day’s close due to strong demand from buyers. Investors are waiting for the company’s Q1 results scheduled for Mar 01, 2023, and analysts predict an EPS of $0.04 for fiscal year 2023, which is expected to increase to $0.07 and $0.14 in fiscal years 2023 and 2024, respectively. Revenue growth is estimated to be 73.20% in the current quarter compared to the corresponding quarter of last year. The company’s historical trading data indicates that the trading volumes over the past ten days have averaged 2.79 million, and over the past three months, they averaged 2.42 million. The stock has fallen by -37.94% since the beginning of the year, which demonstrates its potential for further growth, raising investors’ confidence in the CRDO stock heading into the next quarter. The technical analysis reveals that the stock’s PEG ratio is around 0, with the current price trading at approximately -11.23% and -36.67% below the simple moving averages for 20 and 50 days, respectively. Short interest in Credo Technology Group Holding Ltd (CRDO) stood at 5.51% of shares outstanding as of Jan 30, 2023, with the number of short shares registered in Dec 29, 2022, reaching 8.05 million.
Credo Technology Group Holding Ltd (NASDAQ: CRDO) experienced a rise in shares on Friday, 03/24/23, with the stock price increasing by 0.49% from the previous day’s close due to strong demand from buyers.
As of now, the market capitalization of Credo Technology Group Holding Ltd is approximately $1.23 billion, and investors are eagerly waiting for this quarter’s results, which are scheduled for Mar 01, 2023. Therefore, investors may want to see an improvement in the stock’s price before the company releases its earnings report.
For fiscal year 2023, analysts predict the company’s earnings per share (EPS) to be $0.04, which is expected to increase to $0.07 and $0.14 in fiscal years 2023 and 2024, respectively. EPS growth is projected to be 216.70% in 2024, and the next year’s EPS growth is forecast to be 192.90%.
In the current quarter, the company’s revenue is estimated to be $55.09 million, with a low estimate of $54.97 million and a high estimate of $55.6 million. The average forecast indicates that sales growth in the current quarter could increase by 73.20% compared to the corresponding quarter of the previous year. Furthermore, Wall Street analysts predict that the company’s year-over-year revenues in 2024 will reach $211.1 million, representing a 98.30% increase from the revenues reported in the last year’s results.
The absence of upward or downward revisions in the last seven days can be a useful indicator to gain insight into short-term price movements. CRDO’s technical picture suggests that short-term indicators indicate that the stock is a 100% sell on average. However, medium-term indicators have classified the stock in the 100% sell category, while long-term indicators on average have pointed out that it is a 50% sell.
Nine analysts have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. One analyst has rated the stock as a hold, seven recommend it as a buy, and none have called the CRDO stock overweight. Meanwhile, one analyst believes the stock to be underweight, and none think it is a sell. Investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is overweight.
Credo Technology Group Holding Ltd (NASDAQ: CRDO) Technical Analysis and Historical Trading Data
Credo Technology Group Holding Ltd’s technical analysis indicates that the stock’s PEG ratio is around 0, with the current price trading at approximately -11.23% and -36.67% below the simple moving averages for 20 and 50 days, respectively. The Relative Strength Index (RSI, 14) is presently indicating a reading of 28.57, while the 7-day volatility ratio shows 4.23%, which for the 30-day chart stands at 5.11%. Additionally, the company’s average true range (ATR) is 0.61.
The stock has been forecasted to trade at an average price of $13.78 over the next 52 weeks, with a low of $11.00 and a high of $16.00. According to these price targets, the low is -33.17% off the current price, while the price has to move -93.7% to reach the yearly target high. Furthermore, the median price of $14.00 predicted by analysts is likely to be welcomed by investors since it represents a decrease of -69.49% from current levels.
Data on historical trading for Credo Technology Group Holding Ltd (NASDAQ: CRDO) reveals that the trading volumes over the past ten days averaged 2.79 million, and over the past three months, they averaged 2.42 million. Based on the latest data on outstanding shares, the company has 146.91 million shares outstanding.
Approximately 10.60% of Credo Technology Group Holding Ltd’s shares are owned by company insiders, while institutional investors hold 47.00% of the company’s shares. The short interest data indicates that stock shorts accounted for 8.09 million shares as of Jan 30, 2023, resulting in a short ratio of 5.49. As of Jan 30, 2023, the short interest in Credo Technology Group Holding Ltd (CRDO) stood at 5.51% of shares outstanding, with the number of short shares registered in Dec 29, 2022, reaching 8.05 million. The stock has fallen by -37.94% since the beginning of the year, which demonstrates its potential for further growth, raising investors’ confidence in the CRDO stock heading into the next quarter.
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