Western Digital Corp. (NASDAQ:WDC) price on Friday, October 25, rose 4.72% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $69.45.
A look at the stock’s price movement, the close in the last trading session was $66.32, moving within a range at $69.3201 and $73.4599. Turning to its 52-week performance, $81.55 and $35.62 were the 52-week high and 52-week low respectively. Overall, WDC moved -1.43% over the past month.
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Western Digital Corp.’s market cap currently stands at around $24.01 billion, with investors looking forward to this quarter’s earnings report slated for on 2025-Jan-23.
Analysts have a consensus estimate of 4.32B for the company’s revenue for the quarter, with a low and high estimate of 4.17B and 4.49B respectively. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 17.18B, representing a 32.10% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that WDC is a Hold. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Buy category.
19 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 3 analyst(s) rate the stock as a Hold, 16 recommend WDC as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
WDC’s current price about 4.13% and 6.21% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 61.73, while 7-day volatility ratio is 3.32% and 2.68% in the 30-day chart. Further, Western Digital Corp. (WDC) has a beta value of 1.39, and an average true range (ATR) of 2.22. Analysts have given the company’s stock an average 52-week price target of $76.5, forecast between a low of $60 and high of $115. Looking at the price targets, the low is 13.61% off current price level while to achieve the yearly target high, price needs to move -65.59%. Nonetheless, investors will most likely welcome a -10.15% jump to $76.5 which is the analysts’ median price.
If we refocus on Western Digital Corp. (NASDAQ:WDC), historical trading data shows that trading volumes averaged 5.11 over the past 10 days and 5.72 million over the past 3 months. The company’s latest data on shares outstanding shows there are 343.00 million shares.
The 1.42% of Western Digital Corp.’s shares are in the hands of company insiders while institutional holders own 96.92% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 19.54 million on 2024-09-30, giving us a short ratio of 4.13. The data shows that as of 2024-09-30 short interest in Western Digital Corp. (WDC) stood at 638.0 of shares outstanding, with shares short rising to 17.36 million registered in 2024-08-30. Current price change has pushed the stock 32.61% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the WDC stock continues to rise going into the next quarter.
