Credo Technology Group Holding Ltd [NASDAQ: CRDO] slipped around -0.31 points on Wednesday, while shares priced at $8.25 at the close of the session, down -3.62%. The company report on March 6, 2023 that Credo and EFFECT Photonics Announce Collaboration on High-Performance, Ultralow Power Coherent DSP Solutions.
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Industry Leaders Join Forces to Meet the Next Generation Needs of Service Providers, 5G Telecom and Fixed Access Operators.
Credo (NASDAQ:CRDO) and EFFECT Photonics today announced plans to collaborate on the development of coherent Digital Signal Processor (DSP) merchant ICs, featuring industry-leading power dissipation and performance. The DSPs are expected to deliver the capacity and reach needed to meet the explosive demands for connectivity and bandwidth and enable cost-effective network upgrades over existing physical fiber infrastructure. These merchant silicon offerings have the added benefit of giving customers the flexibility to choose from a variety of transceiver suppliers.
Credo Technology Group Holding Ltd stock is now -38.02% down from its year-to-date (YTD) trading value. CRDO Stock saw the intraday high of $8.49 and lowest of $8.15 per share. The company’s 52-week high price is 19.46, which means current price is +1.23% above from all time high which was touched on 02/14/23.
Compared to the average trading volume of 2.23M shares, CRDO reached a trading volume of 4163438 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Credo Technology Group Holding Ltd [CRDO]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CRDO shares is $13.78 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CRDO stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Exane BNP Paribas have made an estimate for Credo Technology Group Holding Ltd shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on February 28, 2023. While these analysts kept the previous recommendation, Needham dropped their target price from $18 to $15. The new note on the price target was released on February 15, 2023, representing the official price target for Credo Technology Group Holding Ltd stock. Previously, the target price had yet another drop from $18 to $11, while Cowen kept a Market Perform rating on CRDO stock. On February 15, 2023, analysts decreased their price target for CRDO shares from 18 to 12.
The Average True Range (ATR) for Credo Technology Group Holding Ltd is set at 0.77, with the Price to Sales ratio for CRDO stock in the period of the last 12 months amounting to 6.87. The Price to Book ratio for the last quarter was 3.42, with the Price to Cash per share for the same quarter was set at 1.48.
How has CRDO stock performed recently?
Credo Technology Group Holding Ltd [CRDO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -17.25. With this latest performance, CRDO shares dropped by -57.25% in over the last four-week period, additionally sinking by -36.68% over the last 6 months – not to mention a drop of -39.65% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CRDO stock in for the last two-week period is set at 23.79, with the RSI for the last a single of trading hit 17.38, and the three-weeks RSI is set at 28.70 for Credo Technology Group Holding Ltd [CRDO]. The present Moving Average for the last 50 days of trading for this stock 13.60, while it was recorded at 8.87 for the last single week of trading, and 13.21 for the last 200 days.
Credo Technology Group Holding Ltd [CRDO]: Deeper insight into the fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Credo Technology Group Holding Ltd [CRDO] shares currently have an operating margin of -17.69 and a Gross Margin at +60.12. Credo Technology Group Holding Ltd’s Net Margin is presently recorded at -20.83.
Return on Equity for this stock declined to -15.91, with Return on Assets sitting at -8.35.
Credo Technology Group Holding Ltd’s liquidity data is similarly interesting compelling, with a Quick Ratio of 6.90 and a Current Ratio set at 8.10.
Insider trade positions for Credo Technology Group Holding Ltd [CRDO]
There are presently around $557 million, or 47.00% of CRDO stock, in the hands of institutional investors. The top three institutional holders of CRDO stocks are: BLACKROCK INC. with ownership of 12,596,701, which is approximately -1.206% of the company’s market cap and around 10.60% of the total institutional ownership; CAPITAL RESEARCH GLOBAL INVESTORS, holding 8,750,082 shares of the stock with an approximate value of $72.19 million in CRDO stocks shares; and VANGUARD GROUP INC, currently with $62.91 million in CRDO stock with ownership of nearly 9.858% of the company’s market capitalization.
Positions in Credo Technology Group Holding Ltd stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 67 institutional holders increased their position in Credo Technology Group Holding Ltd [NASDAQ:CRDO] by around 12,541,755 shares. Additionally, 42 investors decreased positions by around 3,580,205 shares, while 13 investors held positions by with 51,442,418 shares. The mentioned changes placed institutional holdings at 67,564,378 shares, according to the latest SEC report filing. CRDO stock had 26 new institutional investments in for a total of 5,698,189 shares, while 18 institutional investors sold positions of 1,937,646 shares during the same period.