CREDO TECHNOLOGY GROUP HOLDI (NASDAQ:CRDO) is a candidate for high growth investors. Here's why.

We've identified CREDO TECHNOLOGY GROUP HOLDI (NASDAQ:CRDO) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:CRDO for further developments.

Zooming in on the technicals.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Overall CRDO gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, CRDO is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that CRDO is one of the better performing stocks in the market, outperforming 98% of all stocks. We also observe that the gains produced by CRDO over the past year are nicely spread over this period.
• CRDO is part of the Semiconductors & Semiconductor Equipment industry. There are 108 other stocks in this industry. CRDO outperforms 95% of them.
• CRDO is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so CRDO is performing more or less in line with the market.
• In the last month CRDO has a been trading in the 63.12 - 78.97 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of CRDO for a complete technical analysis.

How do we evaluate the setup for NASDAQ:CRDO?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:CRDO has a 7 as its setup rating:

CRDO has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 67.21, a Stop Loss order could be placed below this zone.

Some of the high growth metrics of NASDAQ:CRDO highlighted

• The earnings per share (EPS) of CREDO TECHNOLOGY GROUP HOLDI have shown positive growth on a quarter-to-quarter (Q2Q) basis, with a 600.0% increase. This reflects the company's ability to improve its profitability over time.
• With consistent quarter-to-quarter (Q2Q) revenue growth of 63.57%, CREDO TECHNOLOGY GROUP HOLDI exemplifies its ability to generate increased sales and revenue streams. This growth signifies the company's strong business performance and its potential for continued growth.
• With impressive 1-year revenue growth of 48.4%, CREDO TECHNOLOGY GROUP HOLDI showcases its ability to generate increased sales and revenue. This growth highlights the company's strong customer demand and its effective business strategies.
• In the most recent financial report, CREDO TECHNOLOGY GROUP HOLDI reported a 600.0% increase in quarterly earnings compared to the previous quarter. This notable growth indicates positive momentum in the company's financials, suggesting an upward trend
• accelerating EPS growth for CREDO TECHNOLOGY GROUP HOLDI: the current Q2Q growth of 600.0% exceeds the previous year Q2Q growth of -50.0%.
• With a favorable trend in its operating margin over the past year, CREDO TECHNOLOGY GROUP HOLDI demonstrates its ability to enhance profitability through efficient operations. This growth reflects the company's focus on optimizing its cost structure.
• With a current Debt-to-Equity ratio at 0.0, CREDO TECHNOLOGY GROUP HOLDI showcases its disciplined capital structure. The company's prudent management of debt obligations contributes to its financial stability and long-term sustainability.
• CREDO TECHNOLOGY GROUP HOLDI exhibits a favorable ownership structure, with an institutional shareholder ownership of 75.0%. This signifies a diverse investor base, which can contribute to a more stable and efficient market for the stock.
• With a track record of beating EPS estimates 3 times in the last 4 quarters, CREDO TECHNOLOGY GROUP HOLDI showcases its consistent ability to deliver earnings surprises. This reflects the company's strong execution and its competitive position in the market.
• The Relative Strength (RS) of CREDO TECHNOLOGY GROUP HOLDI has consistently been strong, with a current 98.5 rating. This indicates the stock's ability to exhibit relative price outperformance and reflects its competitive strength. CREDO TECHNOLOGY GROUP HOLDI demonstrates promising potential for sustained price momentum.

More high growth momentum breakout stocks can be found in our High Growth Momentum Breakout screen.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.