Western Digital Corp. [WDC] Stock trading around $58.23 per share: What’s Next?

Western Digital Corp. [NASDAQ: WDC] loss -3.48% or -2.1 points to close at $58.23 with a heavy trading volume of 19598277 shares. The company report on January 25, 2024 at 4:05 PM that Western Digital Reports Fiscal Second Quarter 2024 Financial Results.

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Second quarter revenue was $3.03 billion, up 10% sequentially (QoQ). Cloud revenue increased 23% (QoQ), Client revenue decreased 2% (QoQ) and Consumer revenue increased 15% (QoQ).

The daily chart for WDC points out that the company has recorded 39.71% gains over the past six months.

If we look at the average trading volume of 6.56M shares, WDC reached to a volume of 19598277 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 Corp. [WDC]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for WDC shares is $66.18 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 1.92. 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.

TD Cowen have made an estimate for Western Digital Corp. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on January 26, 2024.

The Average True Range (ATR) for Western Digital Corp. is set at 1.66, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 1.68. The Price to Book ratio for the last quarter was 1.87, with the Price to Cash per share for the same quarter was set at 7.65.

Trading performance analysis for WDC stock

Western Digital Corp. [WDC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.32. With this latest performance, WDC shares gained by 10.37% in over the last four-week period, additionally plugging by 39.71% over the last 6 months – not to mention a rise of 40.96% 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 69.54, with the RSI for the last a single of trading hit 70.01, and the three-weeks RSI is set at 68.23 for Western Digital Corp. [WDC]. The present Moving Average for the last 50 days of trading for this stock 50.39, while it was recorded at 58.26 for the last single week of trading, and 42.82 for the last 200 days.

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

Western Digital Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.98 and a Current Ratio set at 1.67.

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

With the latest financial reports released by the company, Western Digital Corp. posted -1.37/share EPS, while the average EPS was predicted by analysts to be reported at -1.57/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 12.70%. 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.

An analysis of Institutional ownership at Western Digital Corp. [WDC]

The top three institutional holders of WDC stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in WDC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in WDC stock with ownership which is approximately 5.8325%.