Credo Technology Group Holding Ltd (NASDAQ: CRDO)’s Potential for Significant Price Increase in the Near Future

In the last trading session, 2.11 million Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares changed hands as the company’s beta touched 1.96. With the company’s per share price at $19.44 changed hands at -$2.0 or -9.33% during last session, the market valuation stood at $3.17B. CRDO’s last price was a discount, traded about -22.94% 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 62.96% up since then. When we look at Credo Technology Group Holding Ltd’s average trading volume, we note the 3-month average coming to 2.18 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 -10.83%, the performance over the past five days has been red. The drop to weekly highs of 23.04 subtracted -9.33% to the stock’s daily price. The company’s shares are showing year-to-date downside of -0.15%, with the 5-day performance at -10.83% in the red. However, in the 30-day time frame, Credo Technology Group Holding Ltd (NASDAQ:CRDO) is 0.41% up.

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 25.26% over the past 6 months, a 40.00% in annual growth rate that is considerably higher than the industry average of 17.30%. 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 $32.09 million and -$ respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 89.20%. The estimates for the next quarter sales put growth at –.

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.