Intel (INTC) Stock Rises 2% as Analysts Upgrade and Institutions Buy In
TLDR
- Intel stock closed at $106.23, up 1.68%, outperforming the S&P 500 which fell 0.48%
- CEO Lip Bu Tan purchased ~105,000 Intel stock at $95.00 per share in August, totaling nearly $10 million
- Multiple analysts upgraded INTC to Buy this week, including Citigroup, UBS, and Royal Bank of Canada
- Intel’s Q2 results beat expectations: $16.13 billion revenue and $0.42 EPS vs estimates of $14.43 billion and $0.21
- Institutional investors are piling in, with ABS Investment Management acquiring a new position valued at ~$694 million
Intel (INTC) closed Wednesday’s session at $106.23, up 1.68%, while the broader market sold off. The S&P 500 dropped 0.48%, the Dow fell 0.77%, and the Nasdaq lost 0.64%.
The stock has gained 6.92% over the past month, well ahead of the Computer and Technology sector’s 0.4% gain and the S&P 500’s 0.97% loss over the same period.
Intel’s one-year range sits between $24.05 and $142.35, giving some context to just how far the stock has already recovered.
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