Intel (NASDAQ:INTC) Shares Down 2.4% – Here’s Why

Intel Co. (NASDAQ:INTC)’s stock price fell 2.4% during trading on Tuesday . The company traded as low as $24.12 and last traded at $24.28. 18,615,216 shares traded hands during trading, a decline of 69% from the average session volume of 59,858,316 shares. The stock had previously closed at $24.87.

Analyst Upgrades and Downgrades

INTC has been the subject of a number of analyst reports. The Goldman Sachs Group cut their price target on Intel from $22.00 to $21.00 and set a “sell” rating for the company in a report on Thursday, October 17th. Benchmark restated a “hold” rating on shares of Intel in a report on Friday, November 1st. Hsbc Global Res downgraded shares of Intel from a “hold” rating to a “moderate sell” rating in a report on Friday, August 2nd. Daiwa America upgraded Intel to a “hold” rating in a report on Monday, August 26th. Finally, Bank of America cut Intel from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $35.00 to $23.00 in a report on Friday, August 2nd. Six equities research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $30.12.

Intel Price Performance

The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.97 and a current ratio of 1.31. The business’s fifty day simple moving average is $23.38 and its 200 day simple moving average is $25.99. The stock has a market cap of $102.00 billion, a price-to-earnings ratio of -6.36 and a beta of 1.03.

Intel (NASDAQ:INTC) last issued its quarterly 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). Intel had a negative net margin of 29.42% and a negative return on equity of 1.71%. The business had revenue of $13.30 billion during the quarter, compared to analysts’ expectations of $13.02 billion. During the same period in the prior year, the company posted $0.28 EPS. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. Research analysts predict that Intel Co. will post -0.87 EPS for the current fiscal year.

Insider Transactions at Intel

In other news, EVP Michelle Johnston Holthaus sold 25,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $26.00, for a total transaction of $650,000.00. Following the transaction, the executive vice president now owns 273,258 shares of the company’s stock, valued at approximately $7,104,708. This trade represents a 8.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.04% of the company’s stock.

Institutional Trading of Intel

Several institutional investors and hedge funds have recently bought and sold shares of INTC. State Street Corp raised its position in shares of Intel by 2.8% during the 3rd quarter. State Street Corp now owns 197,958,739 shares of the chip maker’s stock valued at $4,644,112,000 after acquiring an additional 5,417,753 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Intel by 4.6% during the third quarter. Geode Capital Management LLC now owns 92,510,098 shares of the chip maker’s stock worth $2,162,891,000 after purchasing an additional 4,103,553 shares during the period. Primecap Management Co. CA lifted its position in shares of Intel by 2.2% in the 2nd quarter. Primecap Management Co. CA now owns 77,822,587 shares of the chip maker’s stock worth $2,410,166,000 after buying an additional 1,697,550 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Intel by 28.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,469,412 shares of the chip maker’s stock valued at $1,371,692,000 after buying an additional 12,865,308 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of Intel by 27.2% during the 3rd quarter. Van ECK Associates Corp now owns 44,013,936 shares of the chip maker’s stock valued at $967,426,000 after buying an additional 9,422,136 shares during the last quarter. Institutional investors and hedge funds 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.