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How Are Things Looking For Credo Technology Group Holding Ltd (NASDAQ: CRDO) For The Short Term?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) traded at $11.89 at close of the session on Tuesday, 09/20/22, made an upward move of 0.42% on its previous day’s price.

Looking at the stock we see that its previous close was $11.84 with the day’s price range being $11.55 – $11.975. In terms of its 52-week price range, CRDO has a high of $18.00 and a low of $8.61. The company’s stock has lost about -18.56% over that past 30 days.

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Credo Technology Group Holding Ltd has a market cap of $1.79 billion. Estimates by analysts give the company expected earnings per share (EPS) of $0.03, with the EPS growth for the year raised at $0.15 for 2023 and $0.5 for next year. These figures represent 225.00% and 233.30% growth in EPS for the two years respectively.

Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $45.7 million, with a low of $45.45 million and a high of $47.01 million. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2023 is expected to hit $203.49 million, or 91.10% up from figures reported last year.

There have been no upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term.

Looking further, we note the current price level is -10.97% off its SMA20 and -12.74% from its 50-day simple moving average. The RSI (14) is pointing at 35.23 while the volatility over the past week is 5.65% and jumps to 6.10% over the past one month.

Coming back to Credo Technology Group Holding Ltd (NASDAQ:CRDO), we note that the average 3-month trading volume was 1.49 million, while that of the preceding 10-day period stands at 3.8 million. Current shares outstanding are 145.08 million.

The insiders hold 11.50% of the company’s shares while institutions hold 28.70%. The data shows that short shares as of Jul 14, 2022, stood at 7.09 million at a short ratio of 16.1. This represents a 4.88% short interest in shares outstanding on Jul 14, 2022. Shares short rose in July from the previous month at 5.76 million. Investors should be excited about this stock as its upside potential is great, with current price pushing the stock 2.06% up in year-to-date price movement.

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