The stock of Intel Corporation (NASDAQ:INTC) is now priced at $50.95 and the shares are 0.52 points up or 1.03% higher compared to its previous closing price of $50.43. The stock had 46.114 million contracts set over the past session. INTC shares’ daily volume is compared to its average trading volume at 31.258 million shares. However, it has a float of 4250 million and although its performance was 3.68% over the week, it’s one to watch. Analysts have given the INTC stock a yearly average price target of $56.5 per share. It means the stock’s upside potential is 10.89% with the INTC share price recently placing at $50.32 to $51.5. However, some brokerage firms have priced the stock below the average, including one that has called $42.
The shorts are running away from the Intel Corporation stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the INTC shares have declined. Short interest in the stock represents just 0.98% of its float, but the volume has dropped by -955629. The volume of shorted shares dropped to 41.772 million from 42.728 million shares over the last two weeks. The average intraday trading volume has been 27.88 million shares, which means that days to cover moved to roughly 1.498278.
In the last trading session, Intel Corporation (NASDAQ:INTC) raised by $1.81 over the week and gained $2.65 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $69.29. The stock recorded its established 52-week high on 01/24/20.
Since 03/16/20, the stock has traded to a low of $43.63 at 16.78%, 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 0.7. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Intel Corporation’s two-week RSI is 52.35. This suggests that the stock is neutral at the moment and that INTC shares’ price movement remains stable. The stochastic readings are equally revealing at 77.41% meaning the INTC share price is currently in oversold territory.
The technical chart shows that the INTC stock will likely settle at between $51.53 and $52.1 per share. However, if the stock dips below $50.35, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $49.74.
Currently, the stock is trading in the green of MACD, with a reading of 0.74. 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 ROTH Capital cut their recommendation for INTC from Buy to Neutral in July 24 review. Northland Capital analysts downgraded their recommendation of the stock from Market Perform to Under Perform in a flash note released to investors on July 24. Exane BNP Paribas seeing the stock struggling downgraded it from Outperform to Underperform on July 24.
The average rating for the INTC equity is 2.73 and is currently gathering a bullish momentum. Of 44 analysts tracking Intel Corporation polled by Reuters, 23 rated INTC as a hold. The remaining 21 analysts were split evenly. However, the split wasn’t equal as a majority (10) rated it as a buy or strong buy. 11 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the INTC stock price is 10.83X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 9.4 below the group’s average of 29.2. Intel Corporation has its P/E ratio at 2.6, which means that the stock is currently trading at a discount relative to the 6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Intel Corporation (NASDAQ:INTC) will decrease by about -7.64%, which will see them reach $18200 million. The company’s full-year revenues are, however, expected to increase by about 4.39%, up from $72000 million to $75100 million. INTC’s expected adjusted earnings should drop almost -22.54% to end up at $1.1 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -0.62% to record $4.84/share.