The news for chip stock Intel (NASDAQ:INTC) is a bit on the technical side this time, but for those who follow the technicals in stock, this might come as a bit of a shock. Intel stock recently experienced a death cross, and that spooked investors just as much as anything else Intel has done lately, sending shares down fractionally in Thursday afternoon’s trading.
April, now concluded, turned out to be the worst month that Intel has seen in the last 20 years. Shares were down around 31%, which means nearly a third of Intel’s market cap got sheared off as a result of trading activity. It’s been working on turning things around, but so far, the project has not gone according to plan. Then came Intel’s earnings report, which offered no real help.
Take all of those factors together, and it’s small wonder that Intel shares ultimately saw a death cross in progress. For those not familiar, a death cross occurs when a stock’s moving average for a 50-day period is lower than that same average for a 200-day period. That is generally considered bearish and, in Intel’s case, cause for alarm.
Unexpected Discrepancies in Ohio
Meanwhile, a closer look at the plans for the New Albany manufacturing operation and campus shows some critical differences have emerged over the course of the project so far. One of the biggest differences is that the parking lot was altered. Original plans called for the parking lot to be one large mass, but the newer drafts of the drawing suggest several smaller lots rather than one large one. Further, some land that had originally been green space is now paved, which is something of a backtrack given how Intel touted its green spaces previously.
Is Intel Stock a Good Buy?
Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on four Buys, 23 Holds, and four Sells assigned in the past three months, as indicated by the graphic below. After a 0.36% increase in its share price over the past year, the average INTC price target of $39.96 per share implies 31.71% upside potential.
