Intel (NASDAQ:INTC) Shares Down 1.7% – Here’s What Happened

Intel Co. (NASDAQ:INTC)’s share price was down 1.7% during trading on Wednesday . The company traded as low as $21.97 and last traded at $22.08. Approximately 26,476,936 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 60,531,848 shares. The stock had previously closed at $22.47.

Analyst Upgrades and Downgrades

A number of analysts have commented on INTC shares. Argus lowered Intel from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Intel in a report on Friday, November 1st. Truist Financial lifted their price objective on Intel from $25.00 to $26.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Benchmark reaffirmed a “hold” rating on shares of Intel in a report on Friday, November 1st. Finally, Mizuho lifted their price objective on Intel from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Six analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $30.04.

Intel Price Performance

The firm has a 50-day simple moving average of $23.50 and a two-hundred day simple moving average of $25.73. The company has a market capitalization of $95.10 billion, a price-to-earnings ratio of -5.91 and a beta of 1.05. The company has a current ratio of 1.31, a quick ratio of 0.97 and a debt-to-equity ratio of 0.44.

Intel (NASDAQ:INTC) last posted its earnings results on Thursday, October 31st. The chip maker reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.44). The business had revenue of $13.30 billion for the quarter, compared to analyst estimates of $13.02 billion. Intel had a negative net margin of 29.42% and a negative return on equity of 1.71%. Intel’s revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the business earned $0.28 earnings per share. As a group, analysts predict that Intel Co. will post -0.87 earnings per share for the current fiscal year.

Insider Activity at Intel

In other Intel news, EVP Michelle Johnston Holthaus sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $26.00, for a total value of $650,000.00. Following the transaction, the executive vice president now directly owns 273,258 shares of the company’s stock, valued at $7,104,708. This trade represents a 8.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. William B. Walkup & Associates Inc. purchased a new stake in shares of Intel during the 2nd quarter valued at approximately $2,178,000. Swiss National Bank increased its holdings in Intel by 0.3% in the 3rd quarter. Swiss National Bank now owns 12,635,400 shares of the chip maker’s stock valued at $296,426,000 after purchasing an additional 31,800 shares during the last quarter. Fortis Group Advisors LLC increased its holdings in Intel by 1,052.9% in the 3rd quarter. Fortis Group Advisors LLC now owns 172,996 shares of the chip maker’s stock valued at $4,058,000 after purchasing an additional 157,991 shares during the last quarter. Mizuho Securities Co. Ltd. increased its holdings in Intel by 2,910.4% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 28,900 shares of the chip maker’s stock valued at $678,000 after purchasing an additional 27,940 shares during the last quarter. Finally, CreativeOne Wealth LLC increased its holdings in Intel by 104.9% in the 3rd quarter. CreativeOne Wealth LLC now owns 60,831 shares of the chip maker’s stock valued at $1,427,000 after purchasing an additional 31,143 shares during the last quarter. 64.53% of the stock is owned by hedge funds and other institutional investors.

Intel Company Profile

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services segments. The company's products portfolio comprises central processing units and chipsets, system-on-chips (SoCs), and multichip packages; mobile and desktop processors; hardware products comprising graphics processing units (GPUs), domain-specific accelerators, and field programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.