Western Digital Corp. [NASDAQ: WDC] plunged by -$0.02 during the normal trading session on while it closed the day at $58.45. The company report on February 5, 2024 at 11:00 PM that Kioxia and Western Digital’s Joint Venture To Receive Up To 150 Billion Yen Government Subsidy for Yokkaichi and Kitakami Plants.
Kioxia Corporation and Western Digital Corporation (NASDAQ: WDC) announced today that their joint venture manufacturing facilities at Yokkaichi and Kitakami plants have been approved to receive an up to 150 billion yen subsidy, including facilities that will produce its latest generation of 3D flash memory based on the innovative wafer bonding technology and future generation advanced nodes. The subsidy will be granted under a designated government program aimed at facilitating corporate investment in cutting-edge semiconductor production facilities and securing stable production of semiconductors in Japan. This marks the second time that Kioxia’s and Western Digital’s joint venture manufacturing facilities are receiving this subsidy from the Japanese government. Previously, the joint venture manufacturing facility at Yokkaichi was approved to receive up to 92.9 billion yen subsidy from the Japanese government in 2022.
Leveraging an over 20-year joint venture partnership, Kioxia and Western Digital will continue to enhance the development and production capabilities of cutting-edge flash memory at the Yokkaichi and Kitakami plants in Japan. In addition, the two companies will contribute to the development of semiconductor-related industries and talent.
Western Digital Corp. stock has also gained 0.57% of its value over the past 7 days. However, WDC stock has inclined by 35.90% in the 3 months of the year. Over the past six months meanwhile, it has gained 34.37% and gained 11.61% year-on date.
The market cap for WDC stock reached $18.95 billion, with 322.00 million shares outstanding and 319.65 million shares in the current float. Compared to the average trading volume of 6.05M shares, WDC reached a trading volume of 5183712 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say 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 $67.13 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 1.53, 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.
WDC stock trade performance evaluation
Western Digital Corp. [WDC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.57. With this latest performance, WDC shares gained by 16.78% in over the last four-week period, additionally plugging by 34.37% over the last 6 months – not to mention a rise of 35.14% 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 64.41, with the RSI for the last a single of trading hit 63.42, and the three-weeks RSI is set at 64.42 for Western Digital Corp. [WDC]. The present Moving Average for the last 50 days of trading for this stock 52.05, while it was recorded at 57.95 for the last single week of trading, and 43.61 for the last 200 days.
Western Digital Corp. [WDC]: An insightful look at the core fundamentals
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.
Earnings per share (EPS) analysis for Western Digital Corp. [WDC] stock
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.
Western Digital Corp. [WDC]: Institutional Ownership
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%.
