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Is Credo Technology Group Holding Ltd (NASDAQ: CRDO) Stock On Course For Another Boom Or Bust?

During the last session, Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s traded shares were 3.97 million. At the end of the trading day, the stock’s price was $11.98, reflecting an intraday gain of 9.61% or $1.05. The 52-week high for the CRDO share is $19.46, that puts it down -62.44 from that peak though still a striking 39.9% gain since the share price plummeted to a 52-week low of $7.20. The company’s market capitalization is $1.78B, and the average intraday trading volume over the past 10 days was 1.94 million shares, and the average trade volume was 1.61 million shares over the past three months.

Credo Technology Group Holding Ltd (CRDO) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.20. CRDO has a Sell rating from 0 analyst(s) out of 9 analysts who have looked at this stock. 1 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 7 recommend a Buy rating for it. 1 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be -$0.04.

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

Credo Technology Group Holding Ltd (CRDO) registered a 9.61% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 9.61% in intraday trading to $11.98 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is 17.57%, and it has moved by 44.69% in 30 days. Based on these gigs, the overall price performance for the year is 20.64%. The short interest in Credo Technology Group Holding Ltd (NASDAQ:CRDO) is 6.37 million shares and it means that shorts have 5.59 day(s) to cover.

The consensus price target of analysts on Wall Street is $13.78, which implies an increase of 13.06% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $11.00 and $16.00 respectively. As a result, CRDO is trading at a discount of -33.56% off the target high and 8.18% off the low.

Credo Technology Group Holding Ltd (CRDO) estimates and forecasts

Statistics show that Credo Technology Group Holding Ltd has outperformed its competitors in share price, compared to the industry in which it operates. Credo Technology Group Holding Ltd (CRDO) shares have gone down -17.27% during the last six months, with a year-to-date growth rate more than the industry average at 150.00% against 19.20. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to shrink -300.00% this quarter and then drop -233.30% in the quarter after that. In the rating firms’ projections, revenue will increase 72.20% compared to the previous financial year.

Revenue for the current quarter is expected to be $31.19 million as predicted by 8 analyst(s). Meanwhile, a consensus of 8 analyst(s) estimates revenue growth to $31.44 million by the end of Jul 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $37.53 million and $46.47 million respectively. In this case, analysts expect current quarter sales to shrink by -16.90% and then drop by -32.30% in the coming quarter.

While earnings are projected to return -27.60% in 2023.

CRDO Dividends

Credo Technology Group Holding Ltd is due to release its next quarterly earnings on May 31. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

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

Credo Technology Group Holding Ltd insiders own 28.72% of total outstanding shares while institutional holders control 52.71%, with the float percentage being 73.96%. Capital Research Global Investors is the largest shareholder of the company, while 164 institutions own stock in it. As of Mar 30, 2023, the company held over 12.46 million shares (or 8.39% of all shares), a total value of $117.4 million in shares.

The next largest institutional holding, with 11.14 million shares, is of Blackrock Inc.’s that is approximately 7.50% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $104.96 million.

Also, the Mutual Funds coming in first place with the largest holdings of Credo Technology Group Holding Ltd (CRDO) shares are Smallcap World Fund and BlackRock Science & Technology Trust II (BSTZ). Data provided on Dec 30, 2022 indicates that Smallcap World Fund owns about 8.19 million shares. This amounts to just over 5.52 percent of the company’s overall shares, with a $109.07 million market value. The same data shows that the other fund manager holds slightly less at 3.3 million, or about 2.22% of the stock, which is worth about $43.88 million.

On Key

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