The Vanguard Group, Inc. has recently announced that it has increased stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 31.79%. After grabbing 12.28 million shares, the institutional investor is now in possession of 2.96 million shares of the Technology Company. The new investment brought the stake of investor firm to 8.19% having worth around $174.69 million. Moreover, BlackRock Fund Advisors increased its share by 0.46 million to have a control over 6.63 million shares. And JPMorgan Investment Management, I raised its holdings to 0.77 million shares by acquiring 5.25 million shares or 3.50% of the stake.
Credo Technology Group Holding Ltd (CRDO) concluded trading on 11/29/23 at a closing price of $19.25, with 2.98 million shares of worth about $57.45 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 43.44% during that period and on Wednesday the price saw a gain of about 3.89%. Currently the company’s common shares owned by public are about 148.65M shares, out of which, 107.85M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 11 analysts are covering the CRDO stock and their offered price forecasts bring an average price target of $19.47. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $25.19 and could fall to a lowest price of $16.00. The stock’s current price level is 1.13% above of average price target set by the analysts, while a rise to estimated low would result in loss of -20.31% for the stock. However, touching the estimated high of $25.19 would mean a gain of 23.58% for the stock.
American Funds Small Cap World Fu, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Credo Technology Group Holding Ltd American Funds Small Cap World Fu is currently holding 5.63 million shares of worth totaling $80.07 million. The company recently came selling -5.83 million shares which brought its stake up to 3.75% of the company’s outstanding shares. Vanguard Total Stock Market ETF bought 7559.0 shares, after which its hold over company’s outstanding shares expand to 2.38%, leaving 3.56 million shares with the mutual fund that have a worth of about $50.66 million. Vanguard Small Cap Index Fund, after buying 2.9 million shares, have now control over 1.93% of the stake in the company. It holds 1404.0 shares of worth $41.25 million.
Credo Technology Group Holding Ltd (NASDAQ: CRDO) started trading at $18.94, above $0.41 from concluding price of the previous day. However, the stock later moved at a day high price of 19.42, or with a gain of 3.89%. Stock saw a price change of 6.53% in past 5 days and over the past one month there was a price change of 41.54%. Year-to-date (YTD), CRDO shares are showing a performance of 44.63% which increased to 36.23% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $7.20 but also hit the highest price of $19.46 during that period. The average intraday trading volume for Credo Technology Group Holding Ltd shares is 1.48 million. The stock is currently trading 15.88% above its 20-day simple moving average (SMA20), while that difference is up 22.32% for SMA50 and it goes to 41.45% higher than SMA200.
The Vanguard Group, Inc. acquired 12.28 million shares of Credo Technology Group Holding Ltd having value of about $174.69 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 2.96 million shares in the company valued at close to $57037711.5, or have control over 31.79% stake in the company. Credo Technology Group Holding Ltd (NASDAQ: CRDO) currently have 148.65M outstanding shares and institutions hold larger chunk of about 58.73% of that. Holding of mutual funds in the company is about 27.08% while other institutional holders and individual stake holders have control over 33.40% and 25.28% of the stake respectively.
The stock has a current market capitalization of $2.88B and its 3Y-monthly beta is at 2.15. It has posted earnings per share of -$0.19 in the same period. It has Quick Ratio of 8.97 while making debt-to-equity ratio of 0.04. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CRDO, volatility over the week remained 4.00% while standing at 4.41% over the month.
Analysts are in expectations that Credo Technology Group Holding Ltd (CRDO) stock would likely to be making an EPS of $0 in the current quarter, while forecast for next quarter EPS is $0.02 and it is $0.38 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.01 which is $0 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.02 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -52.00% while it is estimated to increase by 1425.00% in next year.
Analysts at 11 brokerage firms have issued recommendations for the Credo Technology Group Holding Ltd (CRDO)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.55. Out of those 11 Wall Street analysts, 8 recommended a “Buy” rating, while 1 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Barclays on October 02, 2023 offering an Overweight rating for the stock and assigned a target price of $18 to it.
