Western Digital Corporation (NASDAQ:WDC) traded at $70.12 at close of the session on Tuesday, May 04, made a downturn move of -0.72% on its previous day’s price.
Looking at the stock we see that its previous close was $70.63 and the beta (5Y monthly) reads 1.6 with the day’s price range being $69.30 – 71.82. The company has a trailing 12-month PE ratio of 125.89. In terms of its 52-week price range, WDC has a high of $74.7 and a low of $33.53. The company’s stock has gained about -1.75% over that past 30 days.
Western Digital Corporation has a market cap of $21.62 Billion and is expected to release its quarterly earnings report on Aug 03, 2021- Aug 09, 2021. With its Forward Dividend at 0 and a yield of 0%, the company’s investors could be worried for the WDC stock to lose ahead of the earnings release. Estimates by analysts give the company expected earnings per share (EPS) of $1.46, with the EPS growth for the year raised at $3.71 for 2021 and $8.22 for next year. These figures represent 0.22% and 1.22% growth in EPS for the two years respectively.
Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $4.49 Billion, with a low of $4.05 Billion and a high of $4.6 Billion. The median projection represents growth adding up to 4.8% compared to sales growth for the corresponding quarter a year ago. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2021 is expected to hit $16.47 Billion, or -1.6% down from figures reported last year.
There have been 22 upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the WDC stock, short term indicators assign the stock an average of 50% Buy, while medium term indicators assign it an average of 100% Buy. Long term indicators on average place the stock in the category of 100% Buy.
Based on estimates by 30 analysts, where scores have ranged from 1.00 for a strong buy to 5.00 for a strong sell, 9 have rated the Western Digital Corporation (WDC) stock as a Hold, while 18 rate it as a Buy. 2 analyst(s) rate it as outperform while 1 of them rated it as underperform, whereas none suggest the stock as a Sell. The stock has an overall rating of Overweight and investors could take advantage and scoop up stock of the company.
Looking further, we note that the PEG ratio for the WDC stock currently stands at 2.63, and the current price level is -0.31% off its SMA20 and 1.58% from its 50-day simple moving average. The RSI (14) is pointing at 51.99 while the volatility over the past week is 4.01% and drops to 3.27% over the past one month. The beta value is 1.6, while the average true range (ATR) is currently pointing at 2.59. The average price target for the stock over the next 12 months is $89.17, with the estimates having a low of $60 and a high of $125. These price ends are -14.43% and +78.27% off the current price level respectively, although investors could be excited at the prospect of a +26.93% if the WDC share price touches on the median price of $89.
Let’s briefly compare Western Digital Corporation (WDC) stock to its peers. We find that current price change of -0.72% and +73.22% over the past 12 months for WDC competes that of Seagate Tech Ord Shs (STX), which has seen its stock price fall -1.34% in the last trading session and was +91.99% over the last one year. Another of its peers Netapp Inc (NTAP) has dropped -0.51% previous session, and was +79.15% up over the past year, while Pure Storage Inc (PSTG) was also down -0.72% in the last session, while its price remained in the green at 73.22% over the same period. Western Digital Corporation has a P/E ratio of 125.89 compared to Seagate Tech Ord Shs 22.9 and Netapp Inc’s 28.2. In contrast to these companies, both the S&P 500 Index and the Dow Jones Industrial were at 0.27% and 0.7%, respectively, at close of the trading.
Coming back to Western Digital Corporation (NASDAQ:WDC), we note that the average 3-month trading volume was 5.12 Million, while that of the preceding 10-day period stands at 4.62 Million. Current shares outstanding are 306.1 Million.
According to data from Thomson Reuters, insiders hold 0.52% of the company’s shares while institutions hold 80.25%. The data shows that short shares as of April 14, 2021, stood at 5.85 Million at a short ratio of 1.42. This represents a 1.91% short interest in shares outstanding on April 14, 2021. Shares short rose in April from the previous month at 5.83 Million. Investors should be excited about this stock as its upside potential is great, with current price pushing the stock +26.59% up in year-to-date price movement.