AMD stock price prediction as Cathie Wood buys 330,000 shares
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Advanced Micro Devices (NASDAQ: AMD) reported its Q2 earnings on July 30, showcasing a strong performance during the previous quarter that surpassed analysts’s expectations and potentially motivated Cathie Wood, CEO of Ark Invest (ARKK), to invest a substantial amount in this semiconductor stock. Namely, on July 31, Ark Invest reported a purchase of 328,527 AMD shares worth approximately $47.5 million, according to the latest closing price on July 31, thus increasing Ark Invest’s overall holding of AMD shares by 158% to a total of 536,374 shares. This trading activity worried investors, as recently a report from Morningstar called Wood’s fund a “wealth destroyer” because it has lost over $14 billion over the past decade. AMD stock price analysis As of the latest close, AMD stock is valued at $144.48 after adding 4.36% in the latest trading session, building up on gains of 0.23% from the previous five trading days. Notably, AMD shares have been among the weaker performers in the semiconductor sector, adding just 4.26% year-to-date (YTD). AMD stock YTD price chart. Source: Finbold Technical analysis of AMD stock AMD shares’ most recent technical analysis signals a bearish sentiment from the technical indicators. This sentiment is supported by AMD shares’ current price range, which, despite a positive 4.36% gain in the latest trading session, still trade below their 20, 50, and 200-day simple moving averages (SMA). Further examination reveals that despite trading above its support zone at $144.41, the chipmaker’s stock is currently far from its identified resistance level at $174.55, established less than a month ago. Technical analysis of AMD stock. Source: TradingView A relative strength index reading (RSI) of 38, preceded by a falling trend, further supports the argument of weakness in AMD stock as it threads close to oversold territory. AMD stock RSI. Source: TradingView Wall Street…
Filed under: News - @ August 1, 2024 12:14 pm