Advanced Micro Devices (NASDAQ:AMD) Trading Down 9.6% After Analyst Downgrade

Advanced Micro Devices, Inc. (NASDAQ:AMD) shares dropped 9.6% during mid-day trading on Wednesday after Citigroup lowered their price target on the stock from $210.00 to $200.00. Citigroup currently has a buy rating on the stock. Advanced Micro Devices traded as low as $149.10 and last traded at $150.36. Approximately 36,326,410 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 56,603,660 shares. The stock had previously closed at $166.25.

A number of other research analysts have also recently commented on AMD. Edward Jones assumed coverage on shares of Advanced Micro Devices in a research report on Tuesday, August 20th. They issued a “buy” rating on the stock. BNP Paribas raised Advanced Micro Devices to a “strong-buy” rating in a research note on Wednesday, July 31st. Barclays decreased their target price on Advanced Micro Devices from $180.00 to $170.00 and set an “overweight” rating on the stock in a research note on Wednesday. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price objective on shares of Advanced Micro Devices in a research note on Monday. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $180.00 target price (down from $200.00) on shares of Advanced Micro Devices in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Institutional Trading of Advanced Micro Devices

Several institutional investors and hedge funds have recently bought and sold shares of AMD. International Assets Investment Management LLC grew its stake in shares of Advanced Micro Devices by 17,137.3% in the 3rd quarter. International Assets Investment Management LLC now owns 7,860,909 shares of the semiconductor manufacturer’s stock valued at $1,289,818,000 after purchasing an additional 7,815,305 shares during the last quarter. Van ECK Associates Corp grew its position in Advanced Micro Devices by 52.6% in the 2nd quarter. Van ECK Associates Corp now owns 8,645,658 shares of the semiconductor manufacturer’s stock valued at $1,402,412,000 after buying an additional 2,979,204 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Advanced Micro Devices by 42.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 8,420,766 shares of the semiconductor manufacturer’s stock valued at $1,381,679,000 after buying an additional 2,497,056 shares during the period. Vanguard Group Inc. raised its position in Advanced Micro Devices by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 144,794,666 shares of the semiconductor manufacturer’s stock worth $26,133,989,000 after buying an additional 2,349,288 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Advanced Micro Devices in the 2nd quarter worth $296,178,000. Hedge funds and other institutional investors own 71.34% of the company’s stock.

Advanced Micro Devices Trading Down 10.6 %

The company has a quick ratio of 2.01, a current ratio of 2.82 and a debt-to-equity ratio of 0.03. The company’s fifty day moving average price is $155.17 and its two-hundred day moving average price is $156.03. The firm has a market cap of $240.18 billion, a PE ratio of 218.53, a P/E/G ratio of 2.33 and a beta of 1.70.

Advanced Micro Devices (NASDAQ:AMD) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor manufacturer reported $0.92 EPS for the quarter, meeting the consensus estimate of $0.92. Advanced Micro Devices had a net margin of 5.82% and a return on equity of 5.98%. The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.71 billion. During the same quarter last year, the business earned $0.53 earnings per share. The business’s revenue for the quarter was up 17.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Advanced Micro Devices, Inc. will post 2.56 earnings per share for the current fiscal year.

Advanced Micro Devices Company Profile

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.