Credo Technology stock (NASDAQ: CRDO) became Tuesday’s top-performing stock as it surged a whopping 25% minutes after the opening bell. It is among the most bullish stocks in the American markets as it surged more than 60% in a month. Investors who are pulling off day trades in CRDO are making massive profits as the asset is surging in value.
This puts Credo Technology stock on the must-buy list as the chart indicates it is sustainably scaling up in the indices. An investment of $1,000 in CRDO made last month could have been worth $1,620 today. That’s a massive return in a short period as very few investments can deliver this much returns in a month.
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Why Is Credo Technology Stock Rising?
The Q4 earnings of Credo Technology are out today and delivered strong results beating market expectations. The firm demonstrated robust earnings delivering both top-line and bottom-line growth. The firm generated a revenue of $170 million in Q4, which is a 26% rise from its Q3 earnings of $135 million.
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The growth came after Credo Technology’s largest customer Amazon’s AWS extended business deals with the firm making its stock surge. “So the largest customer was 61% of revenue, no surprise who that was and we also had a 12% and an 11% customer. And they were the same as – same customers that we saw in Q2 past that 10% threshold,” said the management during the Q4 earnings call.
The long-term potential for CRDO remains bullish as it has surged more than 600% in three years. CRDO made its debut in the NASDAQ index in 2022 for an initial price of $11. Credo Technology stock is now at $78 after reaching an all-time high of $80 early this year. Accumulating CRDO below the $100 mark and holding on for the next five to 10 years could deliver major returns.