Major Brokerage Firms Issue Research Notes on Credo Technology Group Holding Ltd (CRDO)

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Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw an upside of 5.55% to $16.54 after adding $0.87 on Tuesday. The 5-day average trading volume is 1,617,035 shares of the company’s common stock. It has gained $16.61 in the past week and touched a new high 3 times within the past 5 days. An average of 1,157,184 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 1,139,964.

CRDO’s 1-month performance is 17.64% or $3.53 on its low of $11.92 reached on 01/06/23. The company’s shares have touched a 52-week low of $8.61 and high of $18.00. YTD, CRDO has achieved 17.73% or $3.18 and has reached a new high 7 times. However, the current price is down -8.11% from the 52-week high price.

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Insider Transactions

CRDO stock investors last saw insider trading activity on Jan 19.Brennan William Joseph (Pres & Chief Executive Officer) most recently sold 7,500 shares at $14.76 per share on Jan 19. This transaction cost the insider $110,706. Chief Technology Officer, Cheng Chi Fung, sold 800 shares at a price of $15.00 on Jan 18. Then, on Jan 18, Pres & Chief Executive Officer Brennan William Joseph sold 15,000 shares at a price of $14.93 per share. This transaction amounted to $223,971.

Valuation Metrics

Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 13.26 while the price-to-book (PB) in the most recent quarter is 6.64.

Credo Technology Group Holding Ltd’s quick ratio for the period ended October 30 was 6.10, with the current ratio over the same period at 7.10. In terms of profitability, the gross margin trailing 12 months is 58.90%. The firm’s gross profit as reported stood at $64.02 million against revenue of $106.48 million.

Earnings Surprise

For the quarterly period ending October 30 this year, Credo Technology Group Holding Ltd’s cash and short-term investments amounted to $50.0 million against total debt of $16.62 million. Net income and sales went up compared to those figures reported in the previous quarter. Net income grew 100.0% to -$3.36 million, while revenue of $70000.0 was 97.92% off the previous quarter. Analysts expected CRDO to announce $0.03 per share in earnings in its latest quarter, but it posted $0.02, representing a -33.30% surprise. EBITDA for the quarter stood at more than $0.89 million. CRDO stock balance sheet for the quarter ending October 30 shows that total liabilities totaled 69.93 million, with total debt at $16.62 million. Shareholders hold equity totaling $146.76 million.

Let’s look briefly at Credo Technology Group Holding Ltd (CRDO) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 23 January was 77.98% to suggest the stock is trending Overbought, with historical volatility in this time period at 40.45%.

The stock’s 5-day moving average is $15.32, reflecting a +9.93% or $1.49 change from its current price. CRDO is currently trading +24.17% above its 20-day SMA, +16.29% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +22.69% and SMA200 by+17.37%.

Stochastic %K and %D was 92.88% and 89.15% and the average true range (ATR) pointed at 0.77. The RSI (14) points at 71.15%, while the 14-day stochastic is at 97.44% with the period’s ATR at 0.73. The stock’s 9-day MACD Oscillator is pointing at 0.87 and 1.59 on the 14-day charts.

Analyst Ratings

Analysts offering their rating for CRDO stock have a consensus rating for the stock as Buy. Currently, 0 brokerage advisors rate CRDO as a “sell,”, while 0 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 0 rates the stock as overweight while 8 have offered a “buy” rating.

What is CRDO’s price target for the next 12 months?

Analysts have a consensus price target ranging from a low of $18.00 and a high of $20.00, with their median price target at $18.50. Looking at these predictions, the average price target given by analysts is for Credo Technology Group Holding Ltd (CRDO) stock is $18.75.

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