Western Digital Corporation (NASDAQ:WDC) shares, rose in value on Friday, May 26, with the stock price up by 3.57% to the previous day’s close as strong demand from buyers drove the stock to $39.20.
Actively observing the price movement in the recent trading, the stock is buoying the session at $37.85, falling within a range of $36.925 and $38.12. The value of beta (5-year monthly) is 1.69. Referring to stock’s 52-week performance, its high was $63.00, and the low was $29.73. On the whole, WDC has fluctuated by 19.66% over the past month.
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With the market capitalization of Western Digital Corporation currently standing at about $12.24 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 08, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$2.02, which is expected to increase to -$0.29 for fiscal year -$3.6 and then to about -$1.51 by fiscal year 2024. Data indicates that the EPS growth is expected to be -143.80% in 2024, while the next year’s EPS growth is forecast to be 58.10%.
Analysts have estimated the company’s revenue for the quarter at $2.53 billion, with a low estimate of $2.47 billion and a high estimate of $2.62 billion. According to the average forecast, sales growth in current quarter could jump down -44.20%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $12.17 billion, representing a decrease of -35.20% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that WDC’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 100% Buy.
27 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 11 analyst(s), 11 recommend it as a Buy and 4 called the WDC stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 1 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Overweight.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of WDC currently trading nearly 10.99% and 10.88% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 65.65, while the 7-day volatility ratio is showing 2.66% which for the 30-day chart, stands at 3.34%. Furthermore, Western Digital Corporation (WDC)’s beta value is 1.66, and its average true range (ATR) is 1.26.
A comparison of Western Digital Corporation (WDC) with its peers suggests the former has fared considerably weaker in the market. WDC showed an intraday change of 3.57% in today’s session so far, and over the past year, it shrunk by -33.67%%. In comparison, Seagate Technology Holdings plc (STX) has moved higher at 2.60% today and is down -25.39% over the past 12 months. On the other hand, the price of NetApp Inc. (NTAP) has risen 1.60% today. The stock, however, is off 0.58% from where it was a year ago. Additionally, there is a gain of 3.57% for Western Digital Corporation (WDC) in recent trading while the stock has seen an overall depriciation of -33.67%% over the past year. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 1.22%. Meanwhile, the Dow Jones Industrial Improved by 1.09%.
Data on historical trading for Western Digital Corporation (NASDAQ:WDC) indicates that the trading volumes over the past 10 days have averaged 4.32 million and over the past 3 months, they’ve averaged 3.94 million. According to company’s latest data on outstanding shares, there are 319.00 million shares outstanding.
Nearly 0.70% of Western Digital Corporation’s shares belong to company insiders and institutional investors own 89.60% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 8.18 million shares as on Apr 27, 2023, resulting in a short ratio of 2.06. According to the data, the short interest in Western Digital Corporation (WDC) stood at 2.56% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 7.95 million. The stock has risen by 24.25% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the WDC stock heading into the next quarter.