Credo Technology Group Holding Ltd (NASDAQ: CRDO) stock jumped 3.53% on Monday to $18.19 against a previous-day closing price of $17.57. With 2.13 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.54 million shares. During the session, the Communication Equipment company that operates in wider Technology sector, reached to the highest price of $18.28 whereas the lowest price it dropped to was $17.65. 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 $19.47. Beta for the stock currently stands at 2.09.
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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 11.25%, but this was up by 27.29% over a month. Three-month performance surged to 22.24% while six-month performance rose 68.90%. The stock gained 30.02% in the past year, while it has gained 36.66% so far this year. A look at the trailing 12-month EPS for CRDO yields -0.19 with Next year EPS estimates of 0.37. For the next quarter, that number is -0.00. This implies an EPS growth rate of -52.00% for this year and 1425.00% for next year.
Float and Shares Shorts:
At present, 148.65 million CRDO shares are outstanding with a float of 107.69 million shares on hand for trading. On Oct 30, 2023, short shares totaled 7.86 million, which was 5.24% higher than short shares on Sep 28, 2023. In addition to Mr. William J. Brennan as the firm’s President, CEO & Director, Mr. Chi Fung Cheng serves as its Co-founder, CTO & Director.
Institutional Ownership:
Through their ownership of 59.28% of CRDO’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 33.41% of CRDO, in contrast to 27.19% held by mutual funds. Shares owned by individuals account for 25.27%. As the largest shareholder in CRDO with 8.19% of the stake, The Vanguard Group, Inc. holds 12,284,510 shares worth 12,284,510. A second-largest stockholder of CRDO, BlackRock Fund Advisors, holds 6,630,246 shares, controlling over 4.42% of the firm’s shares. Capital Research & Management Co is the third largest shareholder in CRDO, holding 6,175,156 shares or 4.12% stake. With a 3.75% stake in CRDO, the American Funds Small Cap World Fu is the largest stakeholder. A total of 5,630,737 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.38% of CRDO stock, is the second-largest Mutual Fund holder. It holds 3,562,823 shares valued at 50.66 million. Vanguard Small Cap Index Fund holds 1.93% of the stake in CRDO, owning 2,901,010 shares worth 41.25 million.
Analysts Ratings:
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 $25.19 and a low target of $16.00, the average target price over the next 12 months is $19.47. Based on these targets, CRDO could surge 38.48% to reach the target high and fall by -12.04% to reach the target low. Reaching the average price target will result in a growth of 7.04% from current levels.
