With the current price of $83.8, the stock of Advanced Micro Devices, Inc. (NASDAQ:AMD) concluded the trading session seeing its price drop by -2.22 points or at a loss of -2.58% compared to its previous day’s closing price of $86.02. About 42.194 million shares of the stock changed hands on the day. The trading volume of AMD’s shares during the past session compares with the stock’s average daily trading volume of 61.632 million shares. On the other hand, a float of 1170 million shares and a weekly performance of 1.24% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $75.33 for AMD’s share which suggests that the stock, price of which is currently buoying between $82.94 and $86.58, is prone to a loss of -10.11%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $9 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Advanced Micro Devices, Inc.’s stock is trending downward as short interest in AMD shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the AMD is currently comprised of 4.4% of the float as the volume of shorted shares declined by -6541595 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 44.789 million shares from the previous figure of 51.331 million shares. Stock’s average intraday volume is now standing at 67.824 million shares which indicate that the days to cover the shorts are nearly 1.
After concluding the day’s trading, price of Advanced Micro Devices, Inc. (NASDAQ:AMD) is up $1.03 over the week and it is $5.6 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $87.72 that was attained on 08/26/20.
The stock has traded as low as $27.43 in past 52-week, and its current price is 205.5% above from that 52-week low price mark recorded on 10/03/19, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 2.28. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 62.26 as 14-days RSI of Advanced Micro Devices, Inc. This means that the AMD is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 81.08%, implying stock’s share price is buoying in an oversold state.
Technical chart is showing 1st resistance point of $85.94 for the AMD’s share while placing it at a 2nd resistance point of $88.08 to be settled at. But if the stock takes a plunge lower than the 1st support price of $82.3 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $80.8.
MACD oscillator is showing a reading of 1.95 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Northland Capital lowered its recommendation for AMD stock from Outperform to Market Perform in a review note dated August 24. The stock gets a Outperform recommendation from analysts at Cowen who changed the target price from $90 to $100 in their August 21 note to investors.Jefferies analysts reiterated their recommendation of Buy rating for the stock on August 04 while suggesting a price target of $95 which previously was $86.
The average rating of 2.43 for AMD is placing the stock in bullish category at the moment. In a poll by Reuters including 41 analysts in it who kept tracking the Advanced Micro Devices, Inc., 20 rated the stock as hold. Others were in different opinions for the AMD. Out of remaining 21 analysts, 20 rated the stock as a buy or strong buy. 1 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that AMD stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 51.04. Stock’s current price-to-sales (P/S) ratio of 165.4 is in front of industry’s average P/S ratio of 28.9. A comparison of Advanced Micro Devices, Inc.’s trailing 12-months P/E ratio of 30.6 implies that it is trading above the industry’s average P/E ratio, which currently is 5.9.
Projection by Zacks Consensus Estimates suggests that Advanced Micro Devices, Inc. (NASDAQ:AMD) will see its current-quarter revenues rise by nearly 32.51% to be increased to about $2560 million. Full-year revenue of the company is however forecasted to be increased by nearly 32.39% to bring $8910 million in revenues against last year revenue of $6730 million. Earnings, after adjustments, are likely to surge by 94.44% to post an EPS of $0.35, while estimate for company’s full year earnings is $1.09 per share with a growth rate of 70.31%.