Intel (NASDAQ:INTC) Shares Gap Up - Here's What Happened

Intel Co. (NASDAQ:INTC - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $19.67, but opened at $21.26. Intel shares last traded at $21.43, with a volume of 50,983,316 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on INTC shares. Deutsche Bank Aktiengesellschaft dropped their price objective on Intel from $27.00 to $25.00 and set a "hold" rating on the stock in a research note on Thursday, October 3rd. Needham & Company LLC reissued a "hold" rating on shares of Intel in a research report on Friday, November 1st. Northland Securities cut their price target on shares of Intel from $42.00 to $28.00 and set an "outperform" rating on the stock in a report on Friday, November 1st. Barclays lowered their target price on Intel from $25.00 to $23.00 and set an "equal weight" rating on the stock in a report on Friday. Finally, Bank of America reiterated an "underperform" rating and issued a $21.00 price objective on shares of Intel in a research report on Tuesday, December 3rd. Six investment analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $29.88.

Intel Stock Up 9.3 %

The company has a quick ratio of 0.97, a current ratio of 1.31 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average price of $21.55 and a 200-day moving average price of $23.27. The company has a market capitalization of $92.69 billion, a price-to-earnings ratio of -5.78, a price-to-earnings-growth ratio of 8.53 and a beta of 1.07.

Intel (NASDAQ:INTC - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The chip maker reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.44). The business had revenue of $13.30 billion during the quarter, compared to the consensus estimate of $13.02 billion. Intel had a negative net margin of 29.42% and a negative return on equity of 1.71%. The company's quarterly revenue was down 6.3% compared to the same quarter last year. During the same period last year, the firm earned $0.28 EPS. As a group, equities analysts anticipate that Intel Co. will post -0.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Michelle Johnston Holthaus sold 25,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $26.00, for a total transaction of $650,000.00. Following the completion of the transaction, the executive vice president now directly owns 273,258 shares of the company's stock, valued at approximately $7,104,708. This represents a 8.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.04% of the stock is currently owned by company insiders.

Institutional Trading of Intel

Several hedge funds have recently added to or reduced their stakes in the company. Edgestream Partners L.P. boosted its holdings in Intel by 74.1% in the second quarter. Edgestream Partners L.P. now owns 12,043 shares of the chip maker's stock valued at $373,000 after acquiring an additional 5,124 shares during the last quarter. XTX Topco Ltd boosted its holdings in Intel by 173.6% during the 2nd quarter. XTX Topco Ltd now owns 17,959 shares of the chip maker's stock worth $556,000 after acquiring an additional 11,394 shares during the last quarter. ProVise Management Group LLC boosted its position in Intel by 30.6% in the second quarter. ProVise Management Group LLC now owns 6,883 shares of the chip maker's stock worth $213,000 after purchasing an additional 1,612 shares during the last quarter. Intech Investment Management LLC raised its stake in shares of Intel by 10.7% in the second quarter. Intech Investment Management LLC now owns 146,133 shares of the chip maker's stock valued at $4,526,000 after buying an additional 14,102 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in Intel by 201.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 3,351,421 shares of the chip maker's stock worth $103,794,000 after buying an additional 2,238,254 shares during the period. 64.53% of the stock is owned by institutional investors and hedge funds.

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.