BIT Capital GmbH Cuts Stake in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• BIT Capital GmbH has reduced its stock holdings in Advanced Micro Devices, Inc. by 88.8%, owning only 1,697 shares after selling 13,497 shares in the first quarter.
• Despite BIT Capital's sell-off, other institutional investors increased their stakes, with notable increases by Farmers & Merchants Trust Co (up 277.8%) and American Capital Advisory (up 90.3%).
• Advanced Micro Devices reported a 35.9% year-over-year revenue growth, with earnings per share of $0.96 and a new share buyback plan authorized for up to $6.00 billion.

BIT Capital GmbH trimmed its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 88.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,697 shares of the semiconductor manufacturer's stock after selling 13,497 shares during the quarter. BIT Capital GmbH's holdings in Advanced Micro Devices were worth $174,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Toronto Dominion Bank raised its position in Advanced Micro Devices by 443.3% in the 4th quarter. Toronto Dominion Bank now owns 5,467,956 shares of the semiconductor manufacturer's stock worth $660,475,000 after purchasing an additional 4,461,609 shares during the period. Nicolet Bankshares Inc. raised its position in Advanced Micro Devices by 56.4% in the 4th quarter. Nicolet Bankshares Inc. now owns 3,523 shares of the semiconductor manufacturer's stock worth $426,000 after purchasing an additional 1,271 shares during the period. Bank Pictet & Cie Europe AG raised its position in Advanced Micro Devices by 12.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 264,574 shares of the semiconductor manufacturer's stock worth $31,958,000 after purchasing an additional 29,825 shares during the period. Heritage Trust Co purchased a new stake in Advanced Micro Devices in the 4th quarter worth about $804,000. Finally, Valicenti Advisory Services Inc. raised its position in Advanced Micro Devices by 4.0% in the 1st quarter. Valicenti Advisory Services Inc. now owns 76,826 shares of the semiconductor manufacturer's stock worth $7,893,000 after purchasing an additional 2,944 shares during the period. 71.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AMD. Erste Group Bank raised shares of Advanced Micro Devices from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. KeyCorp lowered shares of Advanced Micro Devices from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, April 8th. Raymond James Financial reaffirmed an "outperform" rating and set a $120.00 target price (down from $150.00) on shares of Advanced Micro Devices in a research report on Wednesday, May 7th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Advanced Micro Devices in a research report on Monday, June 9th. Finally, Roth Capital set a $150.00 target price on shares of Advanced Micro Devices and gave the stock a "buy" rating in a research report on Friday, June 13th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-three have issued a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Advanced Micro Devices currently has an average rating of "Moderate Buy" and a consensus price target of $162.94.

Advanced Micro Devices Stock Performance

Shares of AMD traded up $5.08 during trading hours on Monday, reaching $176.78. 52,313,227 shares of the company traded hands, compared to its average volume of 56,928,328. The business has a fifty day moving average price of $138.58 and a 200-day moving average price of $116.44. The stock has a market capitalization of $286.63 billion, a P/E ratio of 129.99, a P/E/G ratio of 2.27 and a beta of 1.94. Advanced Micro Devices, Inc. has a 12-month low of $76.48 and a 12-month high of $182.50. The company has a quick ratio of 1.97, a current ratio of 2.80 and a debt-to-equity ratio of 0.06.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.03. The business had revenue of $7.44 billion during the quarter, compared to the consensus estimate of $7.10 billion. Advanced Micro Devices had a net margin of 8.03% and a return on equity of 8.30%. The company's revenue was up 35.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Equities analysts anticipate that Advanced Micro Devices, Inc. will post 3.87 EPS for the current fiscal year.

Advanced Micro Devices announced that its board has approved a share repurchase program on Wednesday, May 14th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Advanced Micro Devices

In other Advanced Micro Devices news, EVP Mark D. Papermaster sold 17,998 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $155.03, for a total value of $2,790,229.94. Following the completion of the transaction, the executive vice president owned 1,713,710 shares in the company, valued at approximately $265,676,461.30. This represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.06% of the company's stock.

Advanced Micro Devices Company Profile

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.