Advanced Micro Devices (NASDAQ:AMD) Trading Down 9.6% Following Analyst Downgrade

Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) were down 9.6% during trading on Wednesday after Morgan Stanley lowered their price target on the stock from $178.00 to $169.00. Morgan Stanley currently has an equal weight rating on the stock. Advanced Micro Devices traded as low as $149.10 and last traded at $150.36. Approximately 36,326,410 shares changed hands during trading, a decline of 36% from the average daily volume of 56,603,660 shares. The stock had previously closed at $166.25.

Several other equities research analysts have also commented on AMD. Edward Jones assumed coverage on shares of Advanced Micro Devices in a research report on Tuesday, August 20th. They set a “buy” rating for the company. Roth Mkm reaffirmed a “buy” rating and issued a $200.00 target price on shares of Advanced Micro Devices in a report on Friday, October 11th. Piper Sandler lifted their price target on shares of Advanced Micro Devices from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $180.00 price objective on shares of Advanced Micro Devices in a research note on Monday, October 7th. Finally, KeyCorp reduced their price target on shares of Advanced Micro Devices from $230.00 to $220.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $193.83.

Institutional Investors Weigh In On Advanced Micro Devices

Institutional investors have recently made changes to their positions in the stock. Tradewinds Capital Management LLC increased its stake in Advanced Micro Devices by 102.9% during the 1st quarter. Tradewinds Capital Management LLC now owns 140 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 71 shares during the period. Semmax Financial Advisors Inc. grew its position in shares of Advanced Micro Devices by 926.7% in the 1st quarter. Semmax Financial Advisors Inc. now owns 154 shares of the semiconductor manufacturer’s stock valued at $28,000 after buying an additional 139 shares during the last quarter. Creative Capital Management Investments LLC lifted its position in Advanced Micro Devices by 124.6% in the third quarter. Creative Capital Management Investments LLC now owns 155 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 86 shares during the last quarter. ZRC Wealth Management LLC boosted its stake in Advanced Micro Devices by 90.4% in the third quarter. ZRC Wealth Management LLC now owns 158 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 75 shares in the last quarter. Finally, Fairway Wealth LLC purchased a new position in shares of Advanced Micro Devices during the second quarter worth about $27,000. 71.34% of the stock is currently owned by institutional investors and hedge funds.

Advanced Micro Devices Price Performance

The firm has a market cap of $244.08 billion, a price-to-earnings ratio of 221.12, a PEG ratio of 2.33 and a beta of 1.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.82 and a quick ratio of 2.01. The stock has a 50-day moving average price of $155.35 and a 200 day moving average price of $156.08.

Advanced Micro Devices (NASDAQ:AMD) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor manufacturer reported $0.92 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.92. The business had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.71 billion. Advanced Micro Devices had a net margin of 5.82% and a return on equity of 5.98%. The business’s revenue was up 17.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.53 EPS. As a group, equities research analysts forecast that Advanced Micro Devices, Inc. will post 2.56 earnings per share for the current fiscal year.

About Advanced Micro Devices

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.