Western Digital Corp. (NASDAQ:WDC) shares, rose in value, with the stock price up by 3.64% to the previous day’s close as strong demand from buyers drove the stock to $73.11.
Actively observing the price movement in the last trading, the stock closed the session at $70.54. The value of beta (5-year monthly) was 1.54. Referring to stock’s 52-week performance, its high was $74.86, and the low was $31.97. On the whole, WDC has fluctuated by 13.00% over the past month.
With the market capitalization of Western Digital Corp. currently standing at about $23.82 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 06, 2024 – May 10, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.16, which is expected to increase to $1.48 for fiscal year -$1.55 and then to about $6.25 by fiscal year 2025. Data indicates that the EPS growth is expected to be 56.80% in 2025, while the next year’s EPS growth is forecast to be 503.20%.
Analysts have estimated the company’s revenue for the quarter at $3.33 billion, with a low estimate of $3.25 billion and a high estimate of $3.4 billion. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $12.74 billion, representing an increase of 3.40% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 upward and no downward review(s) in last seven days. We see that WDC’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of WDC currently trading nearly 13.02% and 20.40% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 71.83, while the 7-day volatility ratio is showing 4.81% which for the 30-day chart, stands at 3.45%. Furthermore, Western Digital Corp. (WDC)’s beta value is 1.54, and its average true range (ATR) is 2.64.
A comparison of Western Digital Corp. (WDC) with its peers suggests the former has fared considerably weaker in the market. WDC showed an intraday change of 3.64% in last session, and over the past year, it grew by 103.42%%.
Data on historical trading for Western Digital Corp. (NASDAQ:WDC) indicates that the trading volumes over the past 10 days have averaged 8.87 million and over the past 3 months, they’ve averaged 7.12 million. According to company’s latest data on outstanding shares, there are 322.00 million shares outstanding.
Nearly 1.57% of Western Digital Corp.’s shares belong to company insiders and institutional investors own 93.27% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 15.58 million shares as on Mar 15, 2024, resulting in a short ratio of 2.5. According to the data, the short interest in Western Digital Corp. (WDC) stood at 4.78% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 18.04 million. The stock has risen by 39.60% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the WDC stock heading into the next quarter.
