Credo Technology Group Holding Ltd [NASDAQ: CRDO] stock went on a downward path that fall over -2.37% on Monday, amounting to a one-week price increase of more than 4.28%.
Over the last 12 months, CRDO stock rose by 166.89%. The one-year Credo Technology Group Holding Ltd stock forecast points to a potential downside of -23.13. The average equity rating for CRDO stock is currently 1.33, trading closer to a bullish pattern in the stock market.
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The market cap for the stock reached $8.50 billion, with 165.97 million shares outstanding and 133.71 million shares in the current float. Compared to the average trading volume of 2.66M shares, CRDO stock reached a trading volume of 6298229 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on 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 $38.82 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 1.33. 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 Buy, with their previous recommendation back on July 15, 2024. While these analysts kept the previous recommendation, TD Cowen raised their target price from $24 to $35. The new note on the price target was released on June 25, 2024, representing the official price target for Credo Technology Group Holding Ltd stock. Previously, the target price had yet another raise from $20 to $24, while TD Cowen kept a Market Perform rating on CRDO stock. On November 30, 2023, analysts increased their price target for CRDO shares from 16 to 20.
The Average True Range (ATR) for Credo Technology Group Holding Ltd is set at 2.76, with the Price to Sales ratio for CRDO stock in the period of the last 12 months amounting to 39.07. The Price to Book ratio for the last quarter was 14.34, with the Price to Cash per share for the same quarter was set at 2.24.
CRDO Stock Performance Analysis:
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 4.28. With this latest performance, CRDO shares gained by 26.79% in over the last four-week period, additionally plugging by 89.76% over the last 6 months – not to mention a rise of 166.89% 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 61.09, with the RSI for the last a single of trading hit 61.09, and the three-weeks RSI is set at 61.16 for Credo Technology Group Holding Ltd [CRDO]. The present Moving Average for the last 50 days of trading for this stock 39.29, while it was recorded at 47.24 for the last single week of trading, and 28.52 for the last 200 days.
Insight into Credo Technology Group Holding Ltd Fundamentals:
Credo Technology Group Holding Ltd’s liquidity data is similarly interesting compelling, with a Quick Ratio of 7.36 and a Current Ratio set at 7.81.
CRDO Stock EPS
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 63.57%.
Credo Technology Group Holding Ltd [CRDO] Institutonal Ownership Details
There are presently around $76.89%, or 91.39%% of CRDO stock, in the hands of institutional investors. The top three institutional holders of CRDO stocks are: VANGUARD GROUP INC with ownership of 15.15 million shares, which is approximately 9.2574%. BLACKROCK INC., holding 14.19 million shares of the stock with an approximate value of $$453.31 million in CRDO stocks shares; and BLACKROCK INC., currently with $$390.73 million in CRDO stock with ownership which is approximately 7.474%.
