Intel (NASDAQ:INTC) Shares Down 8.3% - Here's What Happened

Intel Co. (NASDAQ:INTC - Get Free Report) shares were down 8.3% on Tuesday . The stock traded as low as $20.83 and last traded at $20.86. Approximately 61,027,674 shares changed hands during trading, a decline of 37% from the average daily volume of 96,948,617 shares. The stock had previously closed at $22.74.

Analysts Set New Price Targets

Several equities research analysts have weighed in on INTC shares. Truist Financial cut their price target on Intel from $22.00 to $21.00 and set a "hold" rating on the stock in a research report on Friday, January 31st. Needham & Company LLC reissued a "hold" rating on shares of Intel in a research note on Friday, January 31st. Roth Mkm lowered their target price on shares of Intel from $25.00 to $20.00 and set a "neutral" rating on the stock in a research note on Friday, January 31st. Benchmark reissued a "hold" rating on shares of Intel in a research note on Friday, January 31st. Finally, Stifel Nicolaus lowered their target price on shares of Intel from $25.00 to $21.00 and set a "hold" rating on the stock in a research note on Friday, January 31st. Five analysts have rated the stock with a sell rating, twenty-seven have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $26.88.

Intel Price Performance

The stock's fifty day moving average price is $21.30 and its 200-day moving average price is $21.81. The firm has a market cap of $89.37 billion, a price-to-earnings ratio of -4.71 and a beta of 1.02. The company has a current ratio of 1.33, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44.

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Intel (NASDAQ:INTC - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The chip maker reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.14). Intel had a negative return on equity of 3.27% and a negative net margin of 35.32%. As a group, equities research analysts forecast that Intel Co. will post -0.11 earnings per share for the current fiscal year.

Institutional Trading of Intel

Several institutional investors have recently added to or reduced their stakes in INTC. Norges Bank acquired a new stake in Intel in the 4th quarter valued at approximately $1,246,569,000. Two Sigma Advisers LP acquired a new stake in Intel in the 4th quarter valued at approximately $289,752,000. Assenagon Asset Management S.A. increased its holdings in Intel by 264.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 19,617,088 shares of the chip maker's stock valued at $393,323,000 after purchasing an additional 14,227,458 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Intel by 28.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,469,412 shares of the chip maker's stock valued at $1,371,692,000 after purchasing an additional 12,865,308 shares during the last quarter. Finally, Two Sigma Investments LP acquired a new stake in Intel in the 4th quarter valued at approximately $237,457,000. Institutional investors and hedge funds own 64.53% of the company's stock.

About Intel

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.