Credo Technology Group Holding Ltd (NASDAQ:CRDO) price on Thursday, November 14, fall -8.65% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $41.90.
A look at the stock’s price movement, the close in the last trading session was $45.87, moving within a range at $41.61 and $46.33. The beta value (5-Year monthly) was 2.188. Turning to its 52-week performance, $48.94 and $16.33 were the 52-week high and 52-week low respectively. Overall, CRDO moved 13.27% over the past month.
Credo Technology Group Holding Ltd’s market cap currently stands at around $6.96 billion, with investors looking forward to this quarter’s earnings report slated for in December.
Analysts have a consensus estimate of 66.81M for the company’s revenue for the quarter, with a low and high estimate of 66.4M and 68.91M respectively. The average forecast suggests up to a 51.71% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 320.12M, representing a 65.89% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that CRDO is a 100% Buy. On the other hand, the stock is on average a 100% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.
5 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 0 analyst(s) rate the stock as a Hold, 5 recommend CRDO as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
CRDO’s current price about 0.25% and 18.67% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 53.40, while 7-day volatility ratio is 6.54% and 5.28% in the 30-day chart. Further, Credo Technology Group Holding Ltd (CRDO) has a beta value of 2.22, and an average true range (ATR) of 2.40. Analysts have given the company’s stock an average 52-week price target of $38, forecast between a low of $19 and high of $45. Looking at the price targets, the low is 54.65% off current price level while to achieve the yearly target high, price needs to move -7.4%. Nonetheless, investors will most likely welcome a 9.31% jump to $38 which is the analysts’ median price.
If we refocus on Credo Technology Group Holding Ltd (NASDAQ:CRDO), historical trading data shows that trading volumes averaged 2.61 over the past 10 days and 2.53 million over the past 3 months. The company’s latest data on shares outstanding shows there are 164.31 million shares.
The 19.63% of Credo Technology Group Holding Ltd’s shares are in the hands of company insiders while institutional holders own 75.58% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 5.93 million on 2024-10-31, giving us a short ratio of 2.69. The data shows that as of 2024-10-31 short interest in Credo Technology Group Holding Ltd (CRDO) stood at 424.0 of shares outstanding, with shares short falling to 7.45 million registered in 2024-09-30. Current price change has pushed the stock 115.20% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the CRDO stock continues to rise going into the next quarter.
