The Vanguard Group, Inc. recently announced the acquisition of new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO). The institutional investor has increased its shareholding in the Technology company by 9.54% to 7.39 million shares with purchase of 0.64 million shares. This fresh investment now brings its stake to 5.03% valued currently at $78.38 million. In addition, BlackRock Fund Advisors raised its holdings by 4.43 million to 5.68 million shares. And BlackRock Advisors LLC has lifted its position by 10,602.81% or 4.31 million shares – to 4.35 million shares.
With over 2.7 million Credo Technology Group Holding Ltd (CRDO) shares trading Monday and a closing price of $8.92 on the day, the dollar volume was approximately $24.05 million. The shares have shown a negative half year performance of -29.43% and its price on 03/13/23 lost nearly -0.89%. Currently, there are 146.91M common shares owned by the public and among those 105.14M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for CRDO have a consensus price objective of $13.78. The analysts have set the share’s price value over the next 12 months at a high of $16.00 and a low of $11.00. The average price target is 35.27% above its recent price level and an upside to the estimated low will see the stock gain 18.91% over that period. But an upside of 44.25% will see the stock hit the forecast high price target while median target price for the stock is $14.00.
The top 3 mutual fund holders in Credo Technology Group Holding Ltd are American Funds Small Cap World Fu, BlackRock Science & Technology Tr, and Vanguard Total Stock Market Index. American Funds Small Cap World Fu owns 8.19 million shares of the company’s stock, all valued at over $86.95 million. BlackRock Science & Technology Tr sold -0.31 million shares to see its total holdings shrink to 3.54 million shares valued at over $37.59 million and representing 2.41% of the shares outstanding. Vanguard Total Stock Market Index now owns shares totaling to 1.67% of the shares outstanding.
Shares of Credo Technology Group Holding Ltd (NASDAQ: CRDO) opened at $8.88, down -$0.12 from a prior closing price of $9.00. However, the script later moved the day high at 9.29, down -0.89%. The company’s stock has a 5-day price change of -12.12% and -40.53% over the past three months. CRDO shares are trading -32.98% year to date (YTD), with the 12-month market performance down to -44.80% lower. It has a 12-month low price of $8.61 and touched a high of $19.46 over the same period. CRDO has an average intraday trading volume of 2.17 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -21.76%, -35.66%, and -32.56% respectively.
Institutional ownership of Credo Technology Group Holding Ltd (NASDAQ: CRDO) shares accounts for 47.00% of the company’s 146.91M shares outstanding. Mutual fund holders own 26.75%, while other institutional holders and individual stakeholders account for 28.51% and 17.07% respectively.
It has a market capitalization of $1.41B. The earnings-per-share (ttm) stands at -$0.04. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.74% over the week and 5.90% over the month.
Analysts forecast that Credo Technology Group Holding Ltd (CRDO) will achieve an EPS of $0.04 for the current quarter, $0.05 for the next quarter and $0.41 for 2024. The lowest estimate earnings-per-share for the quarter is $0.04 while analysts give the company a high EPS estimate of $0.05. Comparatively, EPS for the current quarter was $0.03 a year ago. Earnings per share for the fiscal year are expected to decrease by -27.60%, and -47.37% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Credo Technology Group Holding Ltd (CRDO) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 1 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CRDO, a number of firms have released research notes about the stock. Exane BNP Paribas stated their Outperform rating for the stock in a research note on February 28, 2023, with the firm’s price target at $13. Needham coverage for the Credo Technology Group Holding Ltd (CRDO) stock in a research note released on February 15, 2023 offered a Buy rating with a price target of $15. Cowen was of a view on February 15, 2023 that the stock is Market Perform, while BofA Securities gave the stock Underperform rating on February 15, 2023, issuing a price target of $18- $12.
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