Intel (NASDAQ:INTC) Shares Down 2.7% – Here’s What Happened

Shares of Intel Co. (NASDAQ:INTC) were down 2.7% during mid-day trading on Thursday . The company traded as low as $21.60 and last traded at $21.69. Approximately 13,359,128 shares changed hands during trading, a decline of 77% from the average daily volume of 58,377,266 shares. The stock had previously closed at $22.30.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Raymond James downgraded Intel from an “outperform” rating to a “market perform” rating in a research note on Friday, August 2nd. The Goldman Sachs Group cut their price objective on shares of Intel from $22.00 to $21.00 and set a “sell” rating on the stock in a report on Thursday, October 17th. HSBC downgraded shares of Intel from a “hold” rating to a “reduce” rating in a report on Friday, August 2nd. UBS Group cut their price target on shares of Intel from $37.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Finally, Daiwa America upgraded shares of Intel to a “hold” rating in a research note on Monday, August 26th. Six investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $30.80.

Intel Trading Down 2.8 %

The stock’s fifty day simple moving average is $21.71 and its two-hundred day simple moving average is $27.15. The firm has a market cap of $92.25 billion, a PE ratio of 22.59 and a beta of 1.03. The company has a quick ratio of 1.24, a current ratio of 1.59 and a debt-to-equity ratio of 0.40.

Intel (NASDAQ:INTC) last posted its quarterly earnings results on Thursday, August 1st. The chip maker reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.08). Intel had a return on equity of 1.78% and a net margin of 1.77%. The company had revenue of $12.80 billion during the quarter, compared to analysts’ expectations of $12.92 billion. During the same period in the prior year, the firm earned ($0.05) EPS. Intel’s revenue for the quarter was down .8% compared to the same quarter last year. On average, sell-side analysts forecast that Intel Co. will post -0.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other Intel news, CEO Patrick P. Gelsinger acquired 12,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $20.16 per share, with a total value of $252,000.00. Following the completion of the acquisition, the chief executive officer now owns 37,975 shares in the company, valued at $765,576. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.04% of the stock is owned by insiders.

Institutional Investors Weigh In On Intel

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. William B. Walkup & Associates Inc. purchased a new position in shares of Intel during the 2nd quarter valued at $2,178,000. Fortis Group Advisors LLC raised its stake in Intel by 1,052.9% during 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 period. Private Advisory Group LLC purchased a new position in Intel in the 3rd quarter worth approximately $8,045,000. Sanibel Captiva Trust Company Inc. grew its holdings in Intel by 21.1% during the 3rd quarter. Sanibel Captiva Trust Company Inc. now owns 279,591 shares of the chip maker’s stock valued at $6,559,000 after buying an additional 48,765 shares in the last quarter. Finally, Forsta AP Fonden raised its position in shares of Intel by 4.6% during the third quarter. Forsta AP Fonden now owns 949,146 shares of the chip maker’s stock valued at $22,267,000 after buying an additional 41,900 shares during the last quarter. Institutional investors own 64.53% of the company’s stock.

About Intel

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.