Credo Technology Group Holding Ltd (NASDAQ:CRDO) finished Thursday with a subtraction of -$1.19 to close at $14.88, a downside of -7.41 percent. An average of 2,271,980 shares of common stock have been traded in the last five days. There was a gain of $0.99 in the past week, and it reached a new high 12 times over the past 12 months. The last 20 days have seen an average of 2,193,915 shares traded, while the 50-day average volume stands at 2,148,016.
CRDO stock has decreased by -11.00% in the last month. The company shares reached their 1-month lowest point of $13.53 on 08/18/23. With the stock rallying to its 52-week high on 02/14/23, shares of the company touched a low of $7.20 and a high of $19.46 in 52 weeks. It has reached a new high 14 times so far this year and achieved 11.80% or $1.57 in price. In spite of this, the price is down -23.54% from the 52-week high.
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Insider Transactions
CRDO stock investors should be aware that Credo Technology Group Holding Ltd (CRDO) stock had its last reported insider trading activity 1 day ago on Aug 24. In this transaction, the insider spent $610,652. Chief Technology Officer, Cheng Chi Fung, disposed of 40,000 shares at a price of $15.26 on Aug 24. The insider now owns more than $610,320 worth of shares. Prior to that, Chief Technology Officer Cheng Chi Fung went on to Sale 19,539 shares at $15.30 each on Aug 22. An amount of $298,978 was transacted.
Valuation Metrics
Credo Technology Group Holding Ltd (CRDO) stock’s beta is 2.01. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 11.93, the price-to-book (PB) ratio at 6.33.
Financial Health
The quick ratio of Credo Technology Group Holding Ltd for the three months ended April 29 was 9.10, and the current ratio was 10.60, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.00 and a total debt to equity ratio of 0.00 for the quarter ending April 29. Credo Technology Group Holding Ltd’s EBITDA margin for the year ending April 29 is -5.06%, while its operating margin for the same period stands at -11.50%. Its gross profit as reported stood at $106.19 million compared to revenue of $184.19 million.
Earnings Surprise
In the quarter under review, the net income was down than the previous quarter. The company posted a net income of -$15.94 million in the quarter, while revenues of $2.82 million were shrunk -39.15%. The analyst consensus anticipated Credo Technology Group Holding Ltd’s latest quarter earnings to come in at -$0.04 per share, but it turned out to be -$0.04, a 0.00% surprise. For the quarter, EBITDA amounted to -$13.41 million. Shareholders own equity worth $149.08 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Credo Technology Group Holding Ltd (CRDO) price momentum. RSI 9-day as of the close on 24 August was 46.52%, suggesting the stock is Neutral, with historical volatility in this time frame at 72.39%.
As of today, CRDO’s price is $14.94 +7.13% or $0.99 from its 5-day moving average. CRDO is currently trading -12.32% lower than its 20-day SMA and +57.96% higher than its 100-day SMA. However, the stock’s current price level is -14.97% below the SMA50 and +4.86% above the SMA200.
The stochastic %K and %D were 55.82% and 47.97%, respectively, and the average true range (ATR) was 0.89. With the 14-day stochastic at 43.97% and the average true range at 0.83, the RSI (14) stands at 45.69%. The stock has reached 0.54 on the 9-day MACD Oscillator while the 14-day reading was at 0.41.
Analyst Ratings
Exane BNP Paribas launched coverage on Credo Technology Group Holding Ltd (NASDAQ: CRDO) in its analyst report released on February 28, 2023. The firm assigned the stock an Outperform rating. The consensus rating for Credo Technology Group Holding Ltd (CRDO) among analysts is Buy. According to current brokerage recommendations, 0 brokerage firms advise that investors sell CRDO, while 1 suggest investors hold. There are 1 analyst who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 9 others rate it as a “buy”.
What is CRDO’s price target for the next 12 months?
Analysts predict a range of price targets between $14.00 and $25.19, with a median target of $17.50. Taking a look at these predictions, the average price target given by analysts for Credo Technology Group Holding Ltd (CRDO) stock is $18.22.
