Intel Corporation (NASDAQ: INTC) experienced a significant surge in its stock price, rising by 11% during mid-day trading on Wednesday, following a notable insider purchase. The shares peaked at $49.29 before settling at $48.78. Approximately 200,227,181 shares were exchanged, marking a 34% increase from the average daily volume of 149,034,172 shares. This uptick comes after the stock closed at $43.93 the previous day.
On January 26, 2024, Intel’s Executive Vice President, David Zinsner, bought 5,882 shares at an average price of $42.50 each, totaling $249,985.00. Following this acquisition, Zinsner’s holdings rose to 247,392 shares, valued at approximately $10,514,160. This transaction represented a 2.44% increase in his ownership stake.
Analysts React with New Price Targets
The surge in Intel’s stock price coincided with several upgrades from industry analysts. Citic Securities upgraded Intel from a “hold” to a “buy” rating, raising the price target from $38.90 to $60.30. On the same day, Tigress Financial reaffirmed its “buy” rating and set a price target of $66.00 for the stock. Stifel Nicolaus adjusted their target from $35.00 to $42.00, maintaining a “hold” rating, while HSBC Global Research improved its rating from “moderate sell” to “hold.” Roth MKM also increased its price target from $40.00 to $50.00 with a “neutral” rating.
Overall, five research analysts have assigned a “buy” rating to Intel, while twenty-six have given it a “hold” rating, and six have labeled it as a “sell.” Current consensus data shows a rating of “Reduce” and a target price of $45.65.
Key Financial Metrics and Recent Performance
Intel currently boasts a market capitalization of $243.66 billion and has a price-to-earnings (P/E) ratio of -609.67. The company’s current ratio is 2.02, indicating strong short-term financial health, while its debt-to-equity ratio stands at 0.35. Recently, Intel reported its quarterly earnings on January 22, 2024, revealing earnings per share (EPS) of $0.15, exceeding the consensus estimate of $0.08 by $0.07. Despite this positive performance, the company noted a 4.2% decrease in revenue year-over-year, totaling $13.67 billion for the quarter.
Institutional investors have also shown interest in Intel. Recent trading data indicates that hedge funds and other institutional investors control 64.53% of Intel’s stock. Focus Financial Network Inc. raised its stake by 2.1% in the last quarter, while Successful Portfolios LLC and Orca Investment Management LLC increased their holdings by 2.6% and 0.5%, respectively.
Founded in 1968 and headquartered in Santa Clara, California, Intel is a leading designer and manufacturer of semiconductor products. The company is renowned for its pioneering role in the development of the microprocessor, driving advancements in personal computing and server technology.
As the market continues to react to these developments, Intel remains a focal point for investors and analysts alike, reflecting broader trends in the technology sector.
