Strength Seen in Credo Technology Group (CRDO): Can Its 13.0% Jump Turn into More Strength?

Credo Technology Group Holding Ltd. CRDO shares ended the last trading session 13% higher at $150.85. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 14.2% loss over the past four weeks.Credo Technology Group is benefiting from the surging demand for AI-driven infrastructure and high-speed connectivity solutions.This company is expected to post quarterly earnings of $0.49 per share in its upcoming report, which represents a year-over-year change of +600%. Revenues are expected to be $235.23 million, up 226.6% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Credo Technology Group, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CRDO going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Credo Technology Group is a member of the Zacks Electronics - Semiconductors industry. One other stock in the same industry, Sono-Tek Corporation SOTK, finished the last trading session 4.8% lower at $3.89. SOTK has returned -10.5% over the past month.SonoTek's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.03. Compared to the company's year-ago EPS, this represents a change of +50%. SonoTek currently boasts a Zacks Rank of #2 (Buy).Beyond Nvidia: AI's Second Wave Is HereThe AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.See "2nd Wave" AI stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Credo Technology Group Holding Ltd. (CRDO): Free Stock Analysis Report Sono-Tek Corporation (SOTK): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks