Credo Technology Group Holding Ltd [NASDAQ: CRDO] jumped around 1.82 points on Thursday, while shares priced at $23.02 at the close of the session, up 8.58%. The company report on April 2, 2024 at 5:35 PM that Credo Technology Group Holding Ltd Announces Appointment of Industry Veteran Clyde Hosein to Board of Directors.
Credo Technology Group Holding Ltd (“Credo” or the “Company”) (Nasdaq: CRDO), an innovator in providing secure, high-speed connectivity solutions that deliver improved power efficiency as data rates and corresponding bandwidth requirements increase throughout the data infrastructure market, today announced the appointment of Clyde Hosein to the Company’s board of directors effective April 3, 2024.
“Clyde’s appointment to the Credo board underscores our commitment to strong financial stewardship and strategic growth,” said Bill Brennan, President and Chief Executive Officer of Credo. “His extensive experience in navigating complex financial landscapes will be invaluable as we grow as a company and continue to advance our mission of providing secure, high-speed connectivity solutions. On behalf of the entire Company, I am honored to welcome Clyde to Credo.”.
Compared to the average trading volume of 2.23M shares, CRDO reached a trading volume of 2497635 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 $26.21 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 1.46. 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.
TD Cowen have made an estimate for Credo Technology Group Holding Ltd shares, keeping their opinion on the stock as Market Perform, with their previous recommendation back on February 28, 2024. While these analysts kept the previous recommendation, TD Cowen raised their target price from $16 to $20. The new note on the price target was released on November 30, 2023, representing the official price target for Credo Technology Group Holding Ltd stock. Previously, the target price had yet another raise to $18, while Barclays analysts kept a Overweight rating on CRDO stock. On August 25, 2023, analysts increased their price target for CRDO shares from 14 to 16.
The Average True Range (ATR) for Credo Technology Group Holding Ltd is set at 1.14, with the Price to Sales ratio for CRDO stock in the period of the last 12 months amounting to 22.88. The Price to Book ratio for the last quarter was 7.03, with the Price to Cash per share for the same quarter was set at 2.51. Price to Free Cash Flow for CRDO in the course of the last twelve months was 9638.30 with Quick ratio for the last quarter at 11.94.
How has CRDO stock performed recently?
Credo Technology Group Holding Ltd [CRDO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.38. With this latest performance, CRDO shares gained by 11.37% in over the last four-week period, additionally plugging by 42.19% over the last 6 months – not to mention a rise of 158.65% 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 60.12, with the RSI for the last a single of trading hit 64.69, and the three-weeks RSI is set at 57.71 for Credo Technology Group Holding Ltd [CRDO]. The present Moving Average for the last 50 days of trading for this stock 21.53, while it was recorded at 21.74 for the last single week of trading, and 18.04 for the last 200 days.
Credo Technology Group Holding Ltd [CRDO]: Deeper insight into the fundamentals
Credo Technology Group Holding Ltd’s liquidity data is similarly interesting compelling, with a Quick Ratio of 11.94 and a Current Ratio set at 12.72.
Earnings analysis for Credo Technology Group Holding Ltd [CRDO]
With the latest financial reports released by the company, Credo Technology Group Holding Ltd posted -0.04/share EPS, while the average EPS was predicted by analysts to be reported at -0.04/share. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CRDO. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Credo Technology Group Holding Ltd go to 20.00%.
Insider trade positions for Credo Technology Group Holding Ltd [CRDO]
The top three institutional holders of CRDO stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in CRDO stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in CRDO stock with ownership which is approximately 5.8386%.
