Western Digital Corp. [WDC] Is Currently -1.37 below its 200 Period Moving Avg: What Does This Mean?

Western Digital Corp. [NASDAQ: WDC] loss -1.37% or -0.74 points to close at $53.39 with a heavy trading volume of 3543307 shares. The company report on February 13, 2024 at 5:00 PM that Western Digital to Participate in Upcoming Investor Conference.

Western Digital Corp. (NASDAQ: WDC) today announced management participation in the upcoming investor conference:.

Event: Morgan Stanley Technology, Media & Telecom ConferenceDate: Tuesday, March 5, 2024 at 11:00 a.m. PT / 2:00 p.m. ET.

The daily chart for WDC points out that the company has recorded 32.15% gains over the past six months.

If we look at the average trading volume of 6.30M shares, WDC reached to a volume of 3543307 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 $68.17 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 1.88. 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. While these analysts kept the previous recommendation, Cantor Fitzgerald raised their target price to Overweight. The new note on the price target was released on January 23, 2024, representing the official price target for Western Digital Corp. stock. Previously, the target price had yet another raise from $52 to $73, while Morgan Stanley kept a Overweight rating on WDC stock. On January 16, 2024, analysts increased their price target for WDC shares from 45 to 65.

The Average True Range (ATR) for Western Digital Corp. is set at 1.45, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 1.55. The Price to Book ratio for the last quarter was 1.73, with the Price to Cash per share for the same quarter was set at 7.61.

Trading performance analysis for WDC stock

Western Digital Corp. [WDC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.52. With this latest performance, WDC shares dropped by -6.33% in over the last four-week period, additionally plugging by 32.15% over the last 6 months – not to mention a rise of 28.40% 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 40.86, with the RSI for the last a single of trading hit 31.91, and the three-weeks RSI is set at 46.45 for Western Digital Corp. [WDC]. The present Moving Average for the last 50 days of trading for this stock 53.75, while it was recorded at 54.72 for the last single week of trading, and 44.74 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%.

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