Intel (NASDAQ:INTC) Trading Down 2.3% Following Analyst Downgrade

Intel Co. (NASDAQ:INTC)’s stock price fell 2.3% during mid-day trading on Monday after Northland Securities lowered their price target on the stock from $42.00 to $28.00. Northland Securities currently has an outperform rating on the stock. Intel traded as low as $22.00 and last traded at $22.67. 29,635,396 shares traded hands during trading, a decline of 50% from the average session volume of 59,248,055 shares. The stock had previously closed at $23.20.

Other research analysts have also issued reports about the stock. Robert W. Baird raised their price target on shares of Intel from $20.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday. Bank of America downgraded Intel from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $35.00 to $23.00 in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “hold” rating on shares of Intel in a research report on Friday. HSBC lowered Intel from a “hold” rating to a “reduce” rating in a report on Friday, August 2nd. Finally, Cantor Fitzgerald reduced their target price on shares of Intel from $40.00 to $27.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Six equities research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, Intel currently has an average rating of “Hold” and a consensus price target of $30.12.

Institutional Investors Weigh In On Intel

A number of institutional investors have recently modified their holdings of the company. William B. Walkup & Associates Inc. purchased a new position in Intel in the second quarter valued at $2,178,000. Fortis Group Advisors LLC boosted its holdings in shares of Intel by 1,052.9% in the third quarter. Fortis Group Advisors LLC now owns 172,996 shares of the chip maker’s stock valued at $4,058,000 after acquiring an additional 157,991 shares during the period. Private Advisory Group LLC purchased a new position in Intel during the 3rd quarter worth $8,045,000. Sanibel Captiva Trust Company Inc. grew its holdings in shares of Intel by 21.1% during the third quarter. Sanibel Captiva Trust Company Inc. now owns 279,591 shares of the chip maker’s stock worth $6,559,000 after buying an additional 48,765 shares during the last quarter. Finally, Forsta AP Fonden increased its holdings in shares of Intel by 4.6% in the third quarter. Forsta AP Fonden now owns 949,146 shares of the chip maker’s stock valued at $22,267,000 after purchasing an additional 41,900 shares during the period. 64.53% of the stock is owned by institutional investors and hedge funds.

Intel Stock Down 2.9 %

The company has a market capitalization of $96.30 billion, a price-to-earnings ratio of -6.05 and a beta of 1.03. The firm’s 50 day simple moving average is $21.84 and its 200-day simple moving average is $26.81. The company has a current ratio of 1.59, a quick ratio of 1.24 and a debt-to-equity ratio of 0.40.

Intel (NASDAQ:INTC) last released its quarterly earnings results on Thursday, October 31st. The chip maker reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.44). Intel had a negative return on equity of 1.68% and a negative net margin of 29.42%. The firm had revenue of $13.30 billion during the quarter, compared to analyst estimates of $13.02 billion. During the same quarter in the prior year, the company earned $0.28 EPS. The business’s revenue was down 6.3% on a year-over-year basis. On average, sell-side analysts anticipate that Intel Co. will post -0.47 EPS for the current fiscal year.

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.