Market Analysts see Western Digital Corporation [WDC] falling to $31. Time to buy?

Western Digital Corporation [NASDAQ: WDC] gained 1.65% or 0.52 points to close at $32.08 with a heavy trading volume of 5562210 shares. The company report on November 16, 2022 that ATTO Technology Joins Western Digital and Open-E in Creating Advanced High-Capacity High-Availability HDD Storage Cluster Solution.

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It opened the trading session at $31.94, the shares rose to $32.67 and dropped to $31.70, the range by which the price of stock traded the whole day. The daily chart for WDC points out that the company has recorded -29.53% loss over the past six months. However, it is still -3.38% lower than its most recent low trading price.

If we look at the average trading volume of 5.09M shares, WDC reached to a volume of 5562210 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Western Digital Corporation [WDC]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for WDC shares is $43.51 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on WDC stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Goldman have made an estimate for Western Digital Corporation shares, keeping their opinion on the stock as Sell, with their previous recommendation back on December 15, 2022. While these analysts kept the previous recommendation, Mizuho dropped their target price from $62 to $40. The new note on the price target was released on September 21, 2022, representing the official price target for Western Digital Corporation stock. Previously, the target price had yet another drop from $56 to $40, while Deutsche Bank kept a Hold rating on WDC stock.

The Average True Range (ATR) for Western Digital Corporation is set at 1.51, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 0.59. The Price to Book ratio for the last quarter was 0.84, with the Price to Cash per share for the same quarter was set at 6.40. Price to Free Cash Flow for WDC in the course of the last twelve months was 61.17 with Quick ratio for the last quarter at 1.00.

Trading performance analysis for WDC stock

Western Digital Corporation [WDC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -11.63. With this latest performance, WDC shares dropped by -12.97% in over the last four-week period, additionally sinking by -29.53% over the last 6 months – not to mention a drop of -42.61% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for WDC stock in for the last two-week period is set at 36.60, with the RSI for the last a single of trading hit 31.97, and the three-weeks RSI is set at 39.54 for Western Digital Corporation [WDC]. The present Moving Average for the last 50 days of trading for this stock 35.33, while it was recorded at 32.72 for the last single week of trading, and 44.80 for the last 200 days.

Western Digital Corporation [WDC]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Western Digital Corporation [WDC] shares currently have an operating margin of +14.52 and a Gross Margin at +32.83. Western Digital Corporation’s Net Margin is presently recorded at +7.98.

Return on Equity for this stock inclined to 13.08, with Return on Assets sitting at 5.73.

Western Digital Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.80.

Western Digital Corporation [WDC]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for WDC. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Western Digital Corporation go to -10.70%.

An analysis of insider ownership at Western Digital Corporation [WDC]

There are presently around $8,840 million, or 89.60% of WDC stock, in the hands of institutional investors. The top three institutional holders of WDC stocks are: VANGUARD GROUP INC with ownership of 36,628,762, which is approximately 0.98% of the company’s market cap and around 0.70% of the total institutional ownership; BLACKROCK INC., holding 24,958,156 shares of the stock with an approximate value of $800.66 million in WDC stocks shares; and STATE STREET CORP, currently with $397.85 million in WDC stock with ownership of nearly -0.491% of the company’s market capitalization.

Positions in Western Digital Corporation stocks held by institutional investors increased at the end of October and at the time of the October reporting period, where 241 institutional holders increased their position in Western Digital Corporation [NASDAQ:WDC] by around 34,698,914 shares. Additionally, 340 investors decreased positions by around 27,281,082 shares, while 97 investors held positions by with 213,590,608 shares. The mentioned changes placed institutional holdings at 275,570,604 shares, according to the latest SEC report filing. WDC stock had 53 new institutional investments in for a total of 1,764,243 shares, while 103 institutional investors sold positions of 3,751,269 shares during the same period.

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