Intel (NASDAQ:INTC) Trading Down 9.2% After Earnings Miss

Intel Corporation (NASDAQ:INTC) shares fell 9.2% during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $20.39 and last traded at $20.56. 113,483,579 shares were traded during mid-day trading, an increase of 22% from the average session volume of 92,984,008 shares. The stock had previously closed at $22.63.

The chip maker reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.11). The company had revenue of $12.86 billion during the quarter, compared to analysts’ expectations of $11.88 billion. Intel had a negative return on equity of 3.78% and a negative net margin of 38.64%. The company’s revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.02 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on INTC. Stifel Nicolaus raised their price objective on shares of Intel from $21.00 to $24.50 and gave the stock a “hold” rating in a research note on Monday, July 21st. Benchmark reissued a “hold” rating on shares of Intel in a research note on Friday. Morgan Stanley decreased their price objective on shares of Intel from $25.00 to $23.00 and set an “equal weight” rating for the company in a research note on Friday, April 25th. Loop Capital began coverage on shares of Intel in a research note on Monday, July 21st. They issued a “hold” rating and a $25.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their price objective on shares of Intel from $20.00 to $21.00 and gave the stock an “underweight” rating in a research note on Friday. Five investment analysts have rated the stock with a sell rating, twenty-seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Intel has an average rating of “Hold” and an average price target of $22.30.

Institutional Investors Weigh In On Intel

A number of large investors have recently made changes to their positions in INTC. N.E.W. Advisory Services LLC purchased a new stake in shares of Intel during the first quarter valued at $25,000. HFM Investment Advisors LLC acquired a new position in Intel during the first quarter valued at $25,000. Vermillion Wealth Management Inc. acquired a new position in Intel during the fourth quarter valued at $27,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in Intel during the first quarter valued at $27,000. Finally, West Branch Capital LLC acquired a new position in Intel during the second quarter valued at $28,000. 64.53% of the stock is owned by hedge funds and other institutional investors.

Intel Stock Down 8.5%

The company has a market capitalization of $90.29 billion, a price-to-earnings ratio of -4.34 and a beta of 1.15. The business’s 50-day moving average is $21.64 and its 200-day moving average is $21.49. The company has a quick ratio of 0.93, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Intel Company Profile

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services segments. The company's products portfolio comprises central processing units and chipsets, system-on-chips (SoCs), and multichip packages; mobile and desktop processors; hardware products comprising graphics processing units (GPUs), domain-specific accelerators, and field programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.