Intel (NASDAQ:INTC) Shares Up 8.6% – Here’s What Happened

Intel Corporation (NASDAQ:INTC)’s share price traded up 8.6% during mid-day trading on Tuesday . The stock traded as high as $106.34 and last traded at $105.45. 102,703,909 shares traded hands during mid-day trading, a decline of 15% from the average daily volume of 120,375,922 shares. The stock had previously closed at $97.06.

Key Stories Impacting Intel

Here are the key news stories impacting Intel this week:

• Positive Sentiment: Intel and Fortinet announced a collaboration to develop Fortinet Security Processor 6 on Intel 4, making Fortinet the first named cybersecurity customer for Intel Foundry and reinforcing signs that Intel’s foundry business is winning outside customers. Article Title
• Positive Sentiment: Reports said Intel and AMD are negotiating multi-year CPU supply deals with Chinese server customers as AI data-center demand pushes processor prices higher, which could support revenue and margins if finalized. Article Title
• Positive Sentiment: Intel heads into earnings with bullish commentary from analysts and media coverage pointing to a likely revenue beat, improving supply conditions, and continued AI-server demand. Article Title
• Positive Sentiment: Intel’s foundry momentum also got a lift from reports that it landed its first named outside customer under CEO Lip-Bu Tan, suggesting progress in the company’s turnaround strategy. Article Title
• Neutral Sentiment: Intel is reporting earnings after the close, and options traders are pricing in a large move, so the stock may stay volatile until results and guidance are out. Article Title
• Negative Sentiment: Investors are still concerned about the company’s slower PC business and whether the rally has gone too far before earnings, which could limit upside if Intel does not deliver a strong beat-and-raise. Article Title

Analyst Ratings Changes

INTC has been the topic of several analyst reports. The Goldman Sachs Group started coverage on shares of Intel in a report on Thursday, June 25th. They set a “neutral” rating and a $150.00 price target on the stock. Benchmark raised their price objective on shares of Intel from $105.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. JPMorgan Chase & Co. boosted their target price on Intel from $35.00 to $45.00 and gave the company an “underweight” rating in a research report on Friday, April 24th. Raymond James Financial raised Intel from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, April 21st. Finally, Zacks Research upgraded Intel from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, twenty-nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $102.77.

Intel Stock Performance

The stock has a market cap of $515.77 billion, a PE ratio of -165.51 and a beta of 2.18. The company has a quick ratio of 1.85, a current ratio of 2.31 and a debt-to-equity ratio of 0.34. The firm has a 50 day moving average price of $116.48 and a 200 day moving average price of $77.54.

Intel (NASDAQ:INTC) last released its quarterly earnings data on Thursday, April 23rd. The chip maker reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.28. Intel had a positive return on equity of 0.39% and a negative net margin of 5.90%.The firm had revenue of $13.58 billion during the quarter, compared to the consensus estimate of $12.32 billion. During the same period in the previous year, the company posted $0.13 earnings per share. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, research analysts forecast that Intel Corporation will post 0.65 earnings per share for the current year.

Insider Buying and Selling at Intel

In other news, EVP Boise April Miller sold 40,256 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $99.53, for a total transaction of $4,006,679.68. Following the transaction, the executive vice president directly owned 105,077 shares in the company, valued at approximately $10,458,313.81. This trade represents a 27.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Intel

A number of large investors have recently bought and sold shares of INTC. Beaird Harris Wealth Management LLC raised its position in shares of Intel by 3,185.7% in the 2nd quarter. Beaird Harris Wealth Management LLC now owns 230 shares of the chip maker’s stock worth $32,000 after acquiring an additional 223 shares in the last quarter. Carolina Wealth Advisors LLC boosted its position in Intel by 167.0% during the second quarter. Carolina Wealth Advisors LLC now owns 267 shares of the chip maker’s stock valued at $37,000 after purchasing an additional 167 shares in the last quarter. Ramsey Quantitative Systems bought a new stake in Intel during the second quarter valued at about $50,000. Allied Private Wealth LLC purchased a new position in Intel in the second quarter valued at about $68,000. Finally, Financial Life Planners purchased a new position in Intel in the first quarter valued at about $25,000. Institutional investors own 64.53% of the company’s stock.

About Intel

Intel Corporation, founded in 1968 by Robert Noyce and Gordon E. Moore and headquartered in Santa Clara, California, is a leading global designer and manufacturer of semiconductor products. The company is historically notable for introducing the first commercial microprocessor and for driving the x86 architecture that underpins many personal computers and servers. Intel’s core business spans the design, fabrication and marketing of processors, chipsets and related components for a wide range of computing applications.

Intel’s product portfolio includes client and mobile processors marketed under brands such as Intel Core and Pentium, as well as high-performance Xeon processors for data centers and cloud infrastructure.