Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares In 2022: Bullish Prospects

Credo Technology Group Holding Ltd (NASDAQ:CRDO) price on Wednesday, July 27, rose 10.24% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $13.89.

A look at the stock’s price movement, the close in the last trading session was $12.60, moving within a range at $12.51 and $14.39. Turning to its 52-week performance, $18.00 and $8.61 were the 52-week high and 52-week low respectively. Overall, CRDO moved 17.31% over the past month.

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Credo Technology Group Holding Ltd’s market cap currently stands at around $2.14 billion. Analysts project the company’s earnings per share (EPS) to be $0, which has seen fiscal year 2022 EPS growth forecast to increase to -$0.12 and about $0.14 for fiscal year 2023.

Analysts have a consensus estimate of $37.21 million for the company’s revenue for the quarter, with a low and high estimate of $34.7 million and $39 million respectively.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s).

8 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, 8 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 20.71% and 20.56% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 66.42, while 7-day volatility ratio is 8.59% and 7.04% in the 30-day chart. Further, Credo Technology Group Holding Ltd (CRDO) has a beta value of 0, and an average true range (ATR) of 0.89. Analysts have given the company’s stock an average 52-week price target of $17.69, forecast between a low of $15.00 and high of $20.00. Looking at the price targets, the low is -7.99% off current price level while to achieve the yearly target high, price needs to move -43.99%. Nonetheless, investors will most likely welcome a -27.79% jump to $17.75 which is the analysts’ median price.

In the market, a comparison of Credo Technology Group Holding Ltd (CRDO) and its peers suggest the former has performed considerably stronger. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are up 2.62% and 1.37% respectively in the last trading.

If we refocus on Credo Technology Group Holding Ltd (NASDAQ:CRDO), historical trading data shows that trading volumes averaged 0.53 million over the past 10 days and 427.66K over the past 3 months. The company’s latest data on shares outstanding shows there are 144.50 million shares.

The 15.90% of Credo Technology Group Holding Ltd’s shares are in the hands of company insiders while institutional holders own 26.40% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 5.46 million on Apr 28, 2022, giving us a short ratio of 8.23. The data shows that as of Apr 28, 2022 short interest in Credo Technology Group Holding Ltd (CRDO) stood at 3.77% of shares outstanding, with shares short rising to 4.53 million registered in Mar 30, 2022. Current price change has pushed the stock 19.23% 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.

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