Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Volatility finally picked up last Friday, and the SPX and Nasdaq 100 (QQQ) both gapped lower to close below their 20-day MAs for the first time in over three months.</li>
<li>With that said, all of the major indexes (SPX, QQQ, DJI, IWM) rallied yesterday to fill their gaps from Friday and SPX and QQQ have reclaimed above their 20-day MAs. </li>
<li>This is a bullish signal that suggests any further pullback is likely to be relatively shallow, and should be treated as a buying opportunity.</li>
</ul>


Volatility finally picked up last Friday, and the SPX and Nasdaq 100 (QQQ) both gapped lower to close below their 20-day MAs for the first time in over three months.
With that said, all of the major indexes (SPX, QQQ, DJI, IWM) rallied yesterday to fill their gaps from Friday and SPX and QQQ have reclaimed above their 20-day MAs. 
This is a bullish signal that suggests any further pullback is likely to be relatively shallow, and should be treated as a buying opportunity.


Was That It?; Downgrading Discretionary and Energy; Gr/Val Breakout; Market Dynamics Remain Risk-On

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Credo Technology Group Holding / Equity Bottom-Up

<ul><li>Credo's Q1 fiscal 2025 results suggest a mixed yet promising growth trajectory.</li><li>The company reported total revenue of $59.7 million, with product revenues significantly marking a 30% increase at $57.3 million in comparison to previous quarters.</li><li>This growth highlights the effectiveness of Credo's strategy in expanding its product offerings across high-speed connectivity solutions such as active electrical cables (AEC), optical digital signal processing (DSP), and line card physical layer devices (PHYs).</li></ul>

Credo's Q1 fiscal 2025 results suggest a mixed yet promising growth trajectory.The company reported total revenue of $59.7 million, with product revenues significantly marking a 30% increase at $57.3 million in comparison to previous quarters.This growth highlights the effectiveness of Credo's strategy in expanding its product offerings across high-speed connectivity solutions such as active electrical cables (AEC), optical digital signal processing (DSP), and line card physical layer devices (PHYs).

Credo Technology Group: Expansion Of Optical Digital Signal Processor Business & Rack-to-Rack Connectivity Solutions Driving Our 'Buy' Rating? - Major Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Credo's shares have surged over 180% since NVDA's AI earnings report in May 2023</li><li>Despite being seen as an AI "winner," Credo's active electrical cable is losing market position due to networking bottlenecks in data centers</li><li>The upcoming 800G infrastructure ramp could provide opportunities for advanced interconnects, but Credo's shares are currently priced to perfection</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Credo's shares have surged over 180% since NVDA's AI earnings report in May 2023Despite being seen as an AI "winner," Credo's active electrical cable is losing market position due to networking bottlenecks in data centersThe upcoming 800G infrastructure ramp could provide opportunities for advanced interconnects, but Credo's shares are currently priced to perfectionThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Credo Tech Group Holding Ltd (CRDO) - Friday, Apr 12, 2024

<ul><li>Credo's fiscal 2024 earnings presented a blend of robust achievements and markers for future growth, tied along with inherent business risks associated with developing and scaling high-speed connectivity solutions.</li><li>The company highlighted record annual revenue alongside a notable uplift in revenue derived from AI-powered workloads, indicating successful alignment with leading-edge technological demands.</li><li>Revenue for fiscal year 2024 stood at $193 million, up by 5% year-over-year, with a marked improvement in non GAAP gross margins to 62.5%.</li></ul>

Credo's fiscal 2024 earnings presented a blend of robust achievements and markers for future growth, tied along with inherent business risks associated with developing and scaling high-speed connectivity solutions.The company highlighted record annual revenue alongside a notable uplift in revenue derived from AI-powered workloads, indicating successful alignment with leading-edge technological demands.Revenue for fiscal year 2024 stood at $193 million, up by 5% year-over-year, with a marked improvement in non GAAP gross margins to 62.5%.

Credo Technology Group: We Are Unsure Despite Their Expansion in Artificial Intelligence Applications! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Astera Labs announced financial results for 1Q’FY24 in May. According to IPO prospectus, ~5.9M shares became eligible for sale following public release of earnings for the first quarter of FY24.</li>
<li>The high-growth semiconductor company filed form S-8 on May 8, 2024. The selling stockholders, including current employees and service providers, offered additional ~3M shares as early lock-up expired.</li>
<li>Astera Labs shares currently trade at rich multiples of ~37x EV/FY24E Revenue and ~25x EV/FY25E Revenue on my revised forecasts.</li>
</ul>


Astera Labs announced financial results for 1Q’FY24 in May. According to IPO prospectus, ~5.9M shares became eligible for sale following public release of earnings for the first quarter of FY24.
The high-growth semiconductor company filed form S-8 on May 8, 2024. The selling stockholders, including current employees and service providers, offered additional ~3M shares as early lock-up expired.
Astera Labs shares currently trade at rich multiples of ~37x EV/FY24E Revenue and ~25x EV/FY25E Revenue on my revised forecasts.


Astera Labs: 1Q’FY24 GAAP Net Loss Could Disappoint Investors, Selling Stockholders Offer ~3M Shares

United States

Credo Technology Group Holding Ltd operates as a holding company. The Company, through its subsidiaries, provides connectivity solutions such as IP and chiplets, line cards, optical DSPs, and active electrical cables. Credo Technology Group Holding serves customers worldwide.

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Credo Technology Group Holding (CRDO US)

Was That It?; Downgrading Discretionary and Energy; Gr/Val Breakout; Market Dynamics Remain Risk-On

Was That It? $SPX $QQQ $IWM; Downgrading Discretionary $XLY to market weight and Energy $XLE to underweight; Growth vs. Value Breaking Out; Market...

Vermilion Research

Credo Technology Group: Expansion Of Optical Digital Signal Processor Business & Rack-to-Rack Connectivity Solutions Driving Our 'Buy' Rating? - Major Drivers

Credo's Q1 fiscal 2025 results suggest a mixed yet promising growth trajectory. The company reported total revenue of $59.7 million, with product...

Baptista Research

Credo Tech Group Holding Ltd (CRDO) - Friday, Apr 12, 2024

Despite being seen as an AI "winner," Credo's active electrical cable is losing market position due to networking bottlenecks in data centers

Value Investors Club (VIC)

Credo Technology Group: We Are Unsure Despite Their Expansion in Artificial Intelligence Applications! - Major Drivers

Credo's fiscal 2024 earnings presented a blend of robust achievements and markers for future growth, tied along with inherent business risks...

Baptista Research

Astera Labs: 1Q’FY24 GAAP Net Loss Could Disappoint Investors, Selling Stockholders Offer ~3M Shares

Astera Labs shares underperformed and fell ~24% in May: 1Q’FY24 GAAP net loss could disappoint investors and the selling stockholders may sell...

Andrei Zakharov

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