Credo Technology Group Holding Ltd (NASDAQ:CRDO) Expected to Announce Earnings of $0.01 Per Share

Brokerages expect Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating) to post $0.01 earnings per share for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Credo Technology Group’s earnings, with the lowest EPS estimate coming in at ($0.01) and the highest estimate coming in at $0.02. The firm is scheduled to announce its next quarterly earnings results after the market closes on Monday, January 1st.

According to Zacks, analysts expect that Credo Technology Group will report full year earnings of ($0.11) per share for the current year, with EPS estimates ranging from ($0.16) to ($0.08). For the next year, analysts anticipate that the business will post earnings of $0.15 per share, with EPS estimates ranging from $0.14 to $0.15. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Credo Technology Group.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last posted its quarterly earnings results on Wednesday, March 9th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.04. The firm had revenue of $31.80 million for the quarter, compared to analyst estimates of $29.60 million.

A number of analysts have weighed in on the stock. Craig Hallum assumed coverage on shares of Credo Technology Group in a research report on Tuesday, February 22nd. They issued a “buy” rating and a $19.00 target price on the stock. Roth Capital raised their target price on shares of Credo Technology Group from $20.00 to $25.00 in a research report on Thursday, March 10th. Zacks Investment Research lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Tuesday, May 10th. The Goldman Sachs Group began coverage on shares of Credo Technology Group in a research report on Tuesday, February 22nd. They issued a “buy” rating and a $23.00 target price on the stock. Finally, Bank of America initiated coverage on shares of Credo Technology Group in a report on Tuesday, February 22nd. They set a “buy” rating and a $20.00 price target on the stock. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $19.89.

Shares of NASDAQ CRDO traded up $0.67 during trading hours on Friday, hitting $10.13. 383,597 shares of the stock were exchanged, compared to its average volume of 417,025. Credo Technology Group has a 1-year low of $8.61 and a 1-year high of $18.00. The firm has a fifty day moving average of $12.75.

A number of institutional investors and hedge funds have recently bought and sold shares of CRDO. BlackRock Inc. bought a new stake in Credo Technology Group in the first quarter valued at $48,844,000. Vanguard Group Inc. bought a new stake in Credo Technology Group in the first quarter valued at $29,191,000. Principal Financial Group Inc. bought a new stake in Credo Technology Group in the first quarter valued at $19,383,000. Northern Trust Corp bought a new stake in Credo Technology Group in the first quarter valued at $9,501,000. Finally, Granite Investment Partners LLC bought a new stake in Credo Technology Group in the first quarter valued at $9,129,000. 0.37% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group (Get Rating)

Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Malaysia, Hong Kong, and internationally. Its products include integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.

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