While Western Digital Corp. has underperformed by -0.41%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, WDC rose by 106.69%, with highs and lows ranging from $76.92 to $31.97, whereas the simple moving average jumped by 48.67% in the last 200 days.
On April 05, 2024, Rosenblatt Upgraded Western Digital Corp. (NASDAQ: WDC) to Buy. A report published by Evercore ISI on March 27, 2024, Initiated its previous ‘Outperform’ rating for WDC. TD Cowen also reiterated WDC shares as ‘Outperform’, quoting a target price of $75 on the company’s shares in a report dated January 26, 2024. Cantor Fitzgerald Initiated an Overweight rating on January 23, 2024, and assigned a price target of $70. Morgan Stanley resumed its ‘Overweight’ rating for WDC, as published in its report on January 22, 2024. Deutsche Bank’s report from January 16, 2024 suggests a price prediction of $65 for WDC shares, giving the stock a ‘Buy’ rating. Barclays also rated the stock as ‘Overweight’.
Analysis of Western Digital Corp. (WDC)
Further, the quarter-over-quarter decrease in sales is -2.41%, showing a negative trend in the upcoming months.
One of the most important indicators of Western Digital Corp.’s future performance is equity, which can be evaluated using several well-rounded types of analysis and research techniques. The goal here is to ensure that your current return on equity of -20.37% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 0.98, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can also provide valuable insight into volatility, and WDC is recording 7.25M average volume. On a monthly basis, the volatility of the stock is set at 3.75%, whereas on a weekly basis, it is put at 5.90%, with a gain of 5.55% over the past seven days. Furthermore, long-term investors anticipate a median target price of $77.22, showing growth from the present price of $72.65, which can serve as yet another indication of whether WDC is worth investing in or should be passed over.
How Do You Analyze Western Digital Corp. Shares?
Along with the fundamentals, it is also important to consider how many employees own shares of the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 1.57%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 93.19% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
WDC shares are owned by institutional investors to the tune of 93.19% at present.
