Intel (NASDAQ:INTC) Stock Price Down 3.6% – Here’s What Happened

Intel Corporation (NASDAQ:INTC)’s share price traded down 3.6% during trading on Thursday. The company traded as low as $90.84 and last traded at $92.07. 103,044,890 shares traded hands during trading, a decline of 11% from the average daily volume of 115,330,063 shares. The stock had previously closed at $95.53.

Trending Headlines about Intel

Here are the key news stories impacting Intel this week:

• Positive Sentiment: Data Center and AI revenue rose 78% year over year to $7.3 billion, while operating income from the business roughly tripled. Intel Foundry revenue also increased 58% to $6.7 billion, highlighting progress in higher-growth businesses. Intel Server Sales Jump 78%, Q4 Outlook Dims
• Positive Sentiment: Third-quarter revenue increased 21% to approximately $16.5 billion, and reported earnings per share of $0.52 exceeded the consensus estimate of $0.41. Intel also generated $5.1 billion in operating cash flow. Intel Q3 Revenue Rises 21% to $16.5 Billion
• Neutral Sentiment: Intel’s planned $2.3 billion acquisition of quantum-computing software company Classiq could broaden its technology portfolio and support a full-stack quantum strategy, but the deal adds spending and is unlikely to materially improve near-term results. Intel to Acquire Classiq
• Negative Sentiment: Fourth-quarter guidance fell well below Wall Street expectations: Intel projected revenue of $15 billion to $16 billion and adjusted EPS of $0.25, versus analyst expectations of roughly $17.3 billion and $0.45. Management attributed the outlook to continued PC-market weakness and said the slowdown could persist through at least the first half of next year. Intel Stock Plunges as PC Slowdown Drives Weak Guidance
• Negative Sentiment: Third-quarter GAAP net income declined to $3.3 billion from $4.1 billion a year earlier, while GAAP EPS fell to $0.60 from $0.90. A factory explosion in Israel also added an operational risk to an already cautious outlook. Intel Forecast Disappoints as PC Weakness Weighs

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Wedbush reiterated a “neutral” rating and issued a $98.00 target price on shares of Intel in a research note on Tuesday. TD Cowen dropped their target price on shares of Intel from $115.00 to $95.00 and set a “hold” rating on the stock in a report on Monday, October 19th. Northland Securities raised Intel from a “market perform” rating to an “outperform” rating and set a $120.00 price target on the stock in a report on Tuesday, September 8th. The Goldman Sachs Group assumed coverage on shares of Intel in a research note on Monday, October 19th. They set a “neutral” rating on the stock. Finally, Stifel Nicolaus dropped their target price on shares of Intel from $120.00 to $110.00 and set a “hold” rating for the company in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, twenty-six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $108.23.

Intel Stock Down 3.6%

The company’s 50 day moving average is $101.65 and its 200 day moving average is $86.02. The company has a market cap of $464.40 billion, a PE ratio of -43.63, a P/E/G ratio of 9.23 and a beta of 2.22. The company has a current ratio of 1.60, a quick ratio of 1.25 and a debt-to-equity ratio of 0.47.

Intel (NASDAQ:INTC) last announced its quarterly earnings results on Thursday, October 29th. The chip maker reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.11. The firm had revenue of $16.51 billion during the quarter, compared to analysts’ expectations of $16.54 billion. Intel had a negative net margin of 19.79% and a positive return on equity of 2.62%. As a group, analysts predict that Intel Corporation will post 1.05 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Lip Bu Tan bought 105,263 shares of Intel stock in a transaction that occurred on Tuesday, August 11th. The stock was bought at an average price of $95.00 per share, for a total transaction of $9,999,985.00. Following the purchase, the chief executive officer directly owned 1,314,669 shares of the company’s stock, valued at approximately $124,893,555. The trade was a 8.70% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Intel

Several large investors have recently made changes to their positions in INTC. State Street Corp lifted its stake in shares of Intel by 1.2% in the second quarter. State Street Corp now owns 216,849,675 shares of the chip maker’s stock worth $30,278,720,000 after buying an additional 2,528,657 shares in the last quarter. Primecap Management Co. CA acquired a new position in shares of Intel in the second quarter worth $10,507,291,000. Bank of America Corp DE raised its holdings in Intel by 35.7% in the second quarter. Bank of America Corp DE now owns 31,724,362 shares of the chip maker’s stock valued at $4,429,673,000 after acquiring an additional 8,342,514 shares in the last quarter. Legal & General Group Plc acquired a new stake in shares of Intel in the 2nd quarter valued at $4,096,110,000. Finally, Assenagon Asset Management S.A. lifted its stake in Intel by 87.1% during the third quarter. Assenagon Asset Management S.A. now owns 30,214,769 shares of the chip maker’s stock worth $3,632,722,000 after purchasing an additional 14,063,302 shares during the last quarter. 64.53% of the stock is currently owned by institutional investors and hedge funds.

About Intel

Intel Corporation (NASDAQ:INTC) is a global semiconductor company that designs and manufactures computing and connectivity products. Its portfolio includes Intel Core processors for personal computers, Xeon processors for data centers and enterprise systems, and products for networking, edge computing, graphics, and artificial intelligence workloads.

Through Intel Foundry, the company also provides semiconductor manufacturing and technology-development services for external customers. Intel develops process technologies, advanced packaging, and other manufacturing capabilities intended to support its own products and third-party chip designs.

Founded in 1968 by Robert Noyce and Gordon Moore, Intel helped establish the modern microprocessor industry and has historically supplied processors for PCs, servers, and other computing systems.