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Credo Technology Group Holding Ltd (NASDAQ: CRDO) Has Succeeded To Excite In 2023, The Stock Is Down -38.17% Year-To-Date

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s traded shares stood at 2.36 million during the last session. At the close of trading, the stock’s price was $8.23, to imply a decrease of -0.24% or -$0.02 in intraday trading. The CRDO share’s 52-week high remains $19.46, putting it -136.45% down since that peak but still an impressive 0.97% since price per share fell to its 52-week low of $8.15. The company has a valuation of $1.30B, with an average of 2.2 million shares in intraday trading volume over the past 10 days and average of 2.27 million shares over the past 3 months.

Credo Technology Group Holding Ltd (NASDAQ:CRDO) trade information

After registering a -0.24% downside in the last session, Credo Technology Group Holding Ltd (CRDO) has traded red over the past five days. The stock hit a weekly high of 9.70 this Thursday, 03/16/23, dropping -0.24% in its intraday price action. The 5-day price performance for the stock is -14.27%, and -57.49% over 30 days. With these gigs, the year-to-date price performance is -38.17%. Short interest in Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw shorts transact 8.09 million shares and set a 5.49 days time to cover.

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Analysts on Wall Street suggest a consensus price target of $13.78, implying an increase of 40.28% to the stock’s current value. The extremes give us $11.00 and $16.00 for target low and target high price respectively. As such, CRDO has been trading -94.41% off suggested target high and -33.66% from its likely low.

Credo Technology Group Holding Ltd (CRDO) estimates and forecasts

Looking at statistics comparing Credo Technology Group Holding Ltd share performance against respective industry, we note that the company has outperformed competitors. Credo Technology Group Holding Ltd (CRDO) shares are -36.50% down over the last 6 months, with its year-to-date growth rate higher than industry average at 150.00% against 17.60%. Revenue is forecast to grow 33.30% this quarter before jumping 150.00% for the next one. The rating firms project that company’s revenue will grow 98.30% compared to the previous financial year.

Revenue forecast for the current quarter as set by 8 analysts is $55.09 million. Meanwhile, for the quarter ending Apr 2023, a total of 8 analyst(s) estimate revenue growth to $58.29 million.Earnings reports from the last fiscal year show that sales brought in $31.8 million and $37.53 million respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to rise 73.20% before jumping 55.30% in the following quarter.

CRDO Dividends

Credo Technology Group Holding Ltd has its next earnings report out on March 01. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Credo Technology Group Holding Ltd has a forward dividend ratio of 0, with the share yield ticking at 0.00% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s Major holders

Credo Technology Group Holding Ltd insiders hold 28.15% of total outstanding shares, with institutional holders owning 48.99% of the shares at 68.19% float percentage. In total, 48.99% institutions holds shares in the company, led by Blackrock Inc. As of Sep 29, 2022, the company held over 12.75 million shares (or 8.69% of shares), all amounting to roughly $140.25 million.

The next major institution holding the largest number of shares is Capital Research Global Investors with 8.75 million shares, or about 5.96% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $96.25 million.

We also have Smallcap World Fund and BlackRock Science & Technology Trust II (BSTZ) as the top two Mutual Funds with the largest holdings of the Credo Technology Group Holding Ltd (CRDO) shares. Going by data provided on Dec 30, 2022, Smallcap World Fund holds roughly 8.19 million shares. This is just over 5.58% of the total shares, with a market valuation of $109.07 million. Data from the same date shows that the other fund manager holds a little less at 3.85 million, or 2.62% of the shares, all valued at about 42.37 million.

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