In the last trading session, 1.4 million Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares changed hands as the company’s beta touched 1.99. With the company’s per share price at $21.66 changed hands at -$0.65 or -2.91% during last session, the market valuation stood at $3.53B. CRDO’s last price was a discount, traded about -10.34% off its 52-week high of $23.90. The share price had its 52-week low at $7.20, which suggests the last value was 66.76% up since then. When we look at Credo Technology Group Holding Ltd’s average trading volume, we note the 10-day average is 1.98 million shares, with the 3-month average coming to 2.25 million.
Credo Technology Group Holding Ltd (NASDAQ:CRDO) trade information
Instantly CRDO was in red as seen at the end of in last trading. With action 9.12%, the performance over the past five days has been green. The drop to weekly highs of 22.79 subtracted -2.91% to the stock’s daily price. The company’s shares are showing year-to-date upside of 11.25%, with the 5-day performance at 9.12% in the green. However, in the 30-day time frame, Credo Technology Group Holding Ltd (NASDAQ:CRDO) is -2.91% down. Looking at the short shares, we see there were 9.46 million shares sold at short interest cover period of 3.82 days.
Credo Technology Group Holding Ltd (CRDO) estimates and forecasts
Data shows that the Credo Technology Group Holding Ltd share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 45.56% over the past 6 months, a 40.00% in annual growth rate that is considerably higher than the industry average of 18.80%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Credo Technology Group Holding Ltd will rise 225.00%, while the growth in revenue is estimated to hit 233.30% for the next quarter. Year-over-year growth is forecast to reach 4.50% up from the last financial year.
Consensus estimates given by 9 financial analysts project the company’s revenue in the current quarter to hit an average of $60.72 million. 9 analysts are of the opinion that Credo Technology Group Holding Ltd’s revenue for the quarter ending Jul 2024 will be $58.42 million. The company’s revenue for the corresponding quarters a year ago was $32.09 million. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 89.20%.
The 2024 estimates are for Credo Technology Group Holding Ltd earnings to increase by 40.16%, but the outlook for the next 5-year period is at 20.00% per year.
CRDO Dividends
Credo Technology Group Holding Ltd is expected to release its next quarterly earnings report between May 29 and June 03.
Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 20.75% of Credo Technology Group Holding Ltd shares while 71.22% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 89.87%. There are 71.22% institutions holding the Credo Technology Group Holding Ltd stock share, with Capital Research Global Investors the top institutional holder. As of Jun 29, 2023, the company held 8.47% of the shares, roughly 12.63 million CRDO shares worth $218.92 million.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 7.35% or 10.95 million shares worth $189.96 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Smallcap World Fund and Vanguard Total Stock Market Index Fund. With 11.47 million shares estimated at $198.81 million under it, the former controlled 7.69% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 1.69% of the shares, roughly 2.53 million shares worth around $43.81 million.
