The stock of Advanced Micro Devices, Inc. (NASDAQ:AMD) is now priced at $90.82 and the shares are 5.27 points up or 6.16% higher compared to its previous closing price of $85.55. The stock had 90.04 million contracts set over the past session. AMD shares’ daily volume is compared to its average trading volume at 60.437 million shares. However, it has a float of 1170 million and although its performance was 9.32% over the week, it’s one to watch. Analysts have given the AMD stock a yearly average price target of $76.15 per share. It means the stock’s downside potential is -16.15% with the AMD share price recently placing at $85.05 to $92.64. However, some brokerage firms have priced the stock below the average, including one that has called $9.
The shorts are running away from the Advanced Micro Devices, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the AMD shares have declined. Short interest in the stock represents just 3.84% of its float, but the volume has dropped by -6541595. The volume of shorted shares dropped to 44.789 million from 51.331 million shares over the last two weeks. The average intraday trading volume has been 67.824 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Advanced Micro Devices, Inc. (NASDAQ:AMD) raised by $7.74 over the week and gained $13.15 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $92.64. The stock recorded its established 52-week high on 08/31/20.
Since 10/03/19, the stock has traded to a low of $27.43 at 231.1%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.24. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Advanced Micro Devices, Inc.’s two-week RSI is 71.06. This suggests that the stock is oversold at the moment and that AMD shares’ price movement remains not stable. The stochastic readings are equally revealing at 78.51% meaning the AMD share price is currently in oversold territory.
The technical chart shows that the AMD stock will likely settle at between $93.96 and $97.09 per share. However, if the stock dips below $86.37, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $81.91.
Currently, the stock is trading in the green of MACD, with a reading of 1.91. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Northland Capital cut their recommendation for AMD from Outperform to Market Perform in August 24 review. Cowen analysts see the stock as a Outperform, but they also dropped the share’s target price from $90 to $100 in a flash note released to investors on August 21. Jefferies analysts see the stock as Buy. Nonetheless, the analysts revised the share prices up on August 04, placing it at $95 from $86.
The average rating for the AMD equity is 2.43 and is currently gathering a bullish momentum. Of 41 analysts tracking Advanced Micro Devices, Inc. polled by Reuters, 20 rated AMD as a hold. The remaining 21 analysts were split evenly. However, the split wasn’t equal as a majority (20) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the AMD stock price is 55.31X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 174.7 above the group’s average of 29.2. Advanced Micro Devices, Inc. has its P/E ratio at 32.3, which means that the stock is currently trading at a premium relative to the 6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Advanced Micro Devices, Inc. (NASDAQ:AMD) will increase by about 32.51%, which will see them reach $2560 million. The company’s full-year revenues are, however, expected to increase by about 32.39%, up from $6730 million to $8910 million. AMD’s expected adjusted earnings should surge almost 94.44% to end up at $0.35 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 70.31% to record $1.09/share.