In today’s recent session, 2,118,722 shares of the Western Digital Corporation (NASDAQ:WDC) have been traded, and its beta is 1.63. Most recently the company’s share price was $72.3, and it changed around -$0.52 or -0.01% from the last close, which brings the market valuation of the company to $22.13 Billion. WDC at last check was trading at a discount to its 52-week high of $74.66, offering almost -3.26% off that amount. The share price’s 52-week low was $33.53, which indicates that the recent value has risen by an impressive 53.62% since then. We note from Western Digital Corporation’s average daily trading volume that its 10-day average is 4.62 Million shares, with the 3-month average coming to 5.12 Million.
Western Digital Corporation stock received a consensus recommendation rating of Overweight, based on a mean score of 2.2. If we narrow it down even further, the data shows that none out of 31 analysts rate the stock as a Sell; another 2 rate it as Overweight. Among the rest, 9 recommended WDC as a Hold, whereas 19 deemed it a Buy, and 1 rated it as Underweight. Western Digital Corporation is expected to report earnings per share of $0.68 for the current quarter.
Western Digital Corporation (NASDAQ:WDC): Trading Information Today
Although WDC has been showing red trend so far today with a performance of -0.71% at the end of last trading. The performance over the last five days has remained in the green territory. The rise to weekly highs of $74.66 on Wednesday, Apr 07 increased the stock’s daily price by 3%. The company’s shares are currently up 0.31% year-to-date, but still up 0.1063 over the last five days. On the other hand, Western Digital Corporation (NASDAQ:WDC) is 0.06% up in the 30-day period. We can see from the shorts that 5.83 Million shares have been sold at a short interest cover period of 1.14 day (s).
The consensus price target as assigned by Wall Street analysts is $78.16, which translates to bears needing to increase their stock price by 8.11% from its current value. Analyst projections state that WDC is forecast to be at a low of $55 and a high of $100. In order for the stock price to hit the forecast high, the stock would need to surge +38.31% from its current level, while the stock would need to crash -23.93% from its current level to reach the projected low.
Western Digital Corporation (WDC) projections and forecasts
Western Digital Corporation share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen +102.5 percent over the past six months and at a -1.64% annual growth rate that is well above the industry average of -10.6%. However, despite this, analysts have decided to cut back on their fiscal year 2021 revenue estimates. The rating firms predict that it will lose -20% in revenue this quarter, and will report a decline of -18.7% in the next quarter. The year-over-year growth rate is expected to be -3.9%, down from the previous year.
Consensus estimates provided by 25 financial analysts predict the company will bring in an average of $3.97 Billion in revenue for the current quarter. 25 analysts expect Western Digital Corporation to make $4.24 Billion in revenue for the quarter ending June 01, 2021. The company’s sales for the same quarters a year ago were $4.17 Billion and $4.29 Billion respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -5%. Forecasts for the next quarter put sales growth at -1.1%.
Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -16.4%. Western Digital Corporation earnings are expected to increase by 61.4% in 2021, but the outlook is negative 0% per year for the next five years.
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Western Digital Corporation (NASDAQ:WDC)’s Biggest Investors
Upon looking at major shareholders, it appears that insiders hold 0.49% of Western Digital Corporation shares, and 80.27% of them are in the hands of institutional investors. The stock currently has a share float of 80.67%. Western Digital Corporation stock is held by 894 institutions, with Vanguard Group, Inc. (The) being the largest institutional investor. By Dec 30, 2020, it held 10.56% of the shares, which is about 32.33 Million shares worth $1.79 Billion.
Blackrock Inc., with 7.26% or 22.22 Million shares worth $1.23 Billion as of Dec 30, 2020, holds the second largest percentage of outstanding shares.
Vanguard Total Stock Market Index Fund and Vanguard Mid-Cap Index Fund were the top two Mutual Funds as of Dec 30, 2020. The former held 8109739 shares worth $449.2 Million, making up 2.65% of all outstanding shares. On the other hand, Vanguard Mid-Cap Index Fund held roughly 6.53 Million shares worth around $361.73 Million, which represents about 2.13% of the total shares outstanding.