Credo Technology Group Holding Ltd (NASDAQ: CRDO) stock fell -0.91% on Wednesday to $10.93 against a previous-day closing price of $11.03. With 1.46 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.63 million shares. During the session, the Communication Equipment company that operates in wider Technology sector, reached to the highest price of $10.95 whereas the lowest price it dropped to was $10.65. The 52-week range on CRDO shows that it touched its highest point at $19.46 and its lowest point at $7.20 during that stretch. It currently has a 1-year price target of $13.78.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CRDO was up-trending over the past week, with a rise of 10.85%, but this was up by 41.58% over a month. Three-month performance surged to 8.00% while six-month performance fell -22.54%. The stock gained 9.30% in the past year, while it has lost -17.88% so far this year. A look at the trailing 12-month EPS for CRDO yields -0.04 with Next year EPS estimates of 0.03. For the next quarter, that number is -0.04. This implies an EPS growth rate of -27.60% for this year and -48.28% for next year.
Float and Shares Shorts:
At present, 146.91 million CRDO shares are outstanding with a float of 105.14 million shares on hand for trading. On Apr 27, 2023, short shares totaled 7.26 million, which was 4.89% higher than short shares on Mar 30, 2023. In addition to Mr. William J. Brennan as the firm’s Pres, CEO & Director, Mr. Chi Fung Cheng serves as its Co-founder, CTO & Director.
Through their ownership of 52.71% of CRDO’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 33.36% of CRDO, in contrast to 26.44% held by mutual funds. Shares owned by individuals account for 19.76%. As the largest shareholder in CRDO with 8.39% of the stake, Capital Research & Management Co holds 12,463,279 shares worth 12,463,279. A second-largest stockholder of CRDO, The Vanguard Group, Inc., holds 7,578,660 shares, controlling over 5.10% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in CRDO, holding 6,322,804 shares or 4.26% stake. With a 7.61% stake in CRDO, the American Funds Small Cap World Fu is the largest stakeholder. A total of 11,303,670 shares are owned by the mutual fund manager. The SPDR S&P Semiconductor ETF, which owns about 3.06% of CRDO stock, is the second-largest Mutual Fund holder. It holds 4,550,158 shares valued at 36.9 million. BlackRock Science & Technology Tr holds 1.78% of the stake in CRDO, owning 2,642,437 shares worth 21.43 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jan 27, 2023, CRDO reported revenue of $37.53M and operating income of -$3.20M.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CRDO since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CRDO analysts setting a high price target of $16.00 and a low target of $11.00, the average target price over the next 12 months is $13.78. Based on these targets, CRDO could surge 46.39% to reach the target high and rise by 0.64% to reach the target low. Reaching the average price target will result in a growth of 26.08% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.