QUALCOMM, Inc. (NASDAQ:QCOM) Sees Large Decline in Short Interest
QUALCOMM, Inc. (NASDAQ:QCOM) was the recipient of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 13,930,000 shares, a decline of 18.3% from the January 15th total of 17,060,000 shares. Currently, 1.2% of the company’s shares are short sold. Based on an average daily volume of 9,445,200 shares, the days-to-cover ratio is currently 1.5 days.
Shares of QUALCOMM stock traded down $0.43 during midday trading on Friday, reaching $89.60. 6,255,439 shares of the company’s stock traded hands, compared to its average volume of 9,917,172. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.61 and a current ratio of 1.76. The company has a market cap of $101.27 billion, a PE ratio of 25.45, a price-to-earnings-growth ratio of 1.23 and a beta of 1.56. The stock has a 50 day moving average of $89.52 and a 200-day moving average of $82.26. QUALCOMM has a 12 month low of $51.60 and a 12 month high of $96.17.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, February 5th. The wireless technology company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.14. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.86 billion. QUALCOMM had a return on equity of 66.54% and a net margin of 17.31%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 earnings per share. On average, equities analysts anticipate that QUALCOMM will post 3.68 earnings per share for the current fiscal year.
In other QUALCOMM news, EVP Alexander H. Rogers sold 735 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $95.37, for a total value of $70,096.95. Following the completion of the sale, the executive vice president now owns 14,247 shares in the company, valued at $1,358,736.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Erin L. Polek sold 3,190 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $84.65, for a total value of $270,033.50. Following the completion of the sale, the chief accounting officer now owns 1,040 shares of the company’s stock, valued at approximately $88,036. The disclosure for this sale can be found here. Insiders sold 109,458 shares of company stock valued at $9,349,683 in the last quarter. Corporate insiders own 0.12% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Samalin Investment Counsel LLC bought a new position in QUALCOMM in the fourth quarter worth $27,000. Peddock Capital Advisors LLC bought a new position in QUALCOMM in the fourth quarter worth $30,000. Howard Wealth Management LLC bought a new position in QUALCOMM in the fourth quarter worth $31,000. AlphaMark Advisors LLC bought a new position in QUALCOMM in the fourth quarter worth $31,000. Finally, BerganKDV Wealth Management LLC bought a new position in QUALCOMM in the fourth quarter worth $31,000. Institutional investors own 77.48% of the company’s stock.
Several analysts have weighed in on QCOM shares. Argus boosted their price objective on QUALCOMM from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Citigroup upgraded QUALCOMM from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $89.00 to $108.00 in a research report on Friday, January 17th. Cowen boosted their price objective on QUALCOMM from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Susquehanna Bancshares boosted their price objective on QUALCOMM from $102.00 to $105.00 and gave the company a “positive” rating in a research report on Tuesday, January 28th. Finally, BidaskClub downgraded QUALCOMM from a “hold” rating to a “sell” rating in a research report on Saturday, February 1st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $94.38.
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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