Advanced Micro Devices (NASDAQ:AMD) Shares Gap Down After Analyst Downgrade

Advanced Micro Devices, Inc. (NASDAQ:AMD)’s stock price gapped down prior to trading on Wednesday after Citigroup lowered their price target on the stock from $210.00 to $200.00. The stock had previously closed at $166.25, but opened at $153.01. Citigroup currently has a buy rating on the stock. Advanced Micro Devices shares last traded at $149.90, with a volume of 13,375,084 shares changing hands.

A number of other brokerages have also issued reports on AMD. Robert W. Baird dropped their target price on Advanced Micro Devices from $200.00 to $175.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Barclays dropped their price objective on Advanced Micro Devices from $180.00 to $170.00 and set an “overweight” rating on the stock in a research note on Wednesday. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price target on shares of Advanced Micro Devices in a research note on Monday. Piper Sandler reissued an “overweight” rating and issued a $180.00 target price (down previously from $200.00) on shares of Advanced Micro Devices in a research report on Wednesday. Finally, Roth Mkm restated a “buy” rating and set a $200.00 price objective on shares of Advanced Micro Devices in a research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Advanced Micro Devices by 59.9% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 309,561 shares of the semiconductor manufacturer’s stock valued at $50,214,000 after purchasing an additional 116,020 shares during the last quarter. Wesbanco Bank Inc. grew its holdings in shares of Advanced Micro Devices by 15.7% during the 3rd quarter. Wesbanco Bank Inc. now owns 155,558 shares of the semiconductor manufacturer’s stock worth $25,524,000 after purchasing an additional 21,132 shares during the period. St. Louis Financial Planners Asset Management LLC acquired a new stake in shares of Advanced Micro Devices during the third quarter valued at about $2,394,000. Sycomore Asset Management increased its holdings in Advanced Micro Devices by 28.6% in the 2nd quarter. Sycomore Asset Management now owns 137,883 shares of the semiconductor manufacturer’s stock valued at $21,722,000 after purchasing an additional 30,677 shares during the last quarter. Finally, Custom Index Systems LLC purchased a new stake in shares of Advanced Micro Devices in the 3rd quarter valued at $559,000. 71.34% of the stock is currently owned by hedge funds and other institutional investors.

Advanced Micro Devices Trading Down 3.0 %

The company’s 50 day moving average price is $155.01 and its 200 day moving average price is $155.94. The firm has a market cap of $232.86 billion, a PE ratio of 211.87, a price-to-earnings-growth ratio of 2.33 and a beta of 1.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.82 and a quick ratio of 2.01.

Advanced Micro Devices (NASDAQ:AMD) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor manufacturer reported $0.92 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.92. The company had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.71 billion. Advanced Micro Devices had a return on equity of 5.98% and a net margin of 5.82%. Advanced Micro Devices’s quarterly revenue was up 17.6% on a year-over-year basis. During the same period last year, the firm earned $0.53 earnings per share. As a group, analysts forecast that Advanced Micro Devices, Inc. will post 2.56 EPS for the current fiscal year.

About Advanced Micro Devices

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.