For the period that ended December 31, 2019, the short interest in QUALCOMM Incorporated (NASDAQ:QCOM) stock is on the down. The 8.96% decline could be an indication that investors and traders expect a growth in the share price, often as a result of an advancement in the business’ fundamentals. The average brokerage opinion at 2.3 suggests acquiring these shares. Between December 13 and December 31, the total count of shorted shares totaled 17.06 million. That number was 1,678,071 less shares compared with the total of 18.73 million shares in the space of prior two weeks, which suggests more traders or funds are betting that the company stock will move up. The average daily volume for QCOM at the December 31st settlement retreated to 6,771,906, versus 7,869,684 at the December 13th report. That led days to cover to move at 2.518639, a 5.8% increase compared to the 2.380535 days to cover recorded at the prior short interest data release.
In the recent trading session, QUALCOMM Incorporated (NASDAQ:QCOM) shares gained 0.75% or 0.68 points to close at $90.94 with a thin trading volume of 4.106 million shares. It opened the trading session at $91.05, the shares rose to $92.73 and dropped to $90.55, the range by which the price of stock traded the whole session. The company now has a market cap of $108 billion and currently has 1.2 billion outstanding shares. QUALCOMM Incorporated (QCOM) stock has accumulated 7.31 percent of market value in 21 trading days.
QCOM stock’s trailing 3-year beta is 1.58, meaning there will be a greater rate of return, although posing a higher risk. The part of a firm’s profit given to each outstanding share of regular stock was $3.58 share in the trailing 52 weeks. The stock’s value surged 2.3 percent year to date (YTD) compared to a rise of 58.91 percent in 52 week’s period. The firm’s shares are still trading -3.37 percent below its 1-year high of $94.11 and 85.21 percent up from 52-week low of $49.10. The average consensus ranking on the company is 2.3, on a ranging where 5 is equal to a consensus sell rating. In other words, the mean analyst recommendations are ranking this stock as a sell.
QUALCOMM Incorporated (QCOM) is most likely going to rise 6.84 percent in the coming 12 months, as per price target approximations compiled by finviz. Nevertheless, they have set the price target at a $135 as 12-month high price target. This represents a whopping 48.45 percent increase from the current trading price of shares. The 52-week median price target given by the analysts is $100, which means a return possibility of 9.96 percent in comparison with the closing price of the stock of $90.94 in recent trading session. The lowest price set for the stock is $72 which is just above -20.83 percent from QCOM share’s price at the end of session.
Past records have indicated that shares in QUALCOMM Incorporated declined on 21 different earnings reaction days and we have yet to see whether this trend will play out and remain in place when the company reports upcoming earnings.
Let’s take a glimpse at some insider activity at QUALCOMM Incorporated (NASDAQ:QCOM) and observe the pattern. The earliest insider trade happened on 01/07/2020. Palkhiwala Akash J. parted with a total of 5.24 thousand shares of the firm at average share price of $89. The total amount for the sale was set at $466.09 thousand. On completing this exchange, the EVP & CFO account balance was 19.02 thousand shares. The stock grew 2.31 percent from that insider sale. On 12/10/2019, Rosenberg Donald J, EVP & General Counsel, did a sale of 28.73 thousand shares at a price of $84.51 per share. This got rid of 2.43 million shares from the insider’s fortune and the stock experienced a 7.75 percent rally in price since the news became public. This exchange saw 27.26 thousand shares get out from the EVP & General Counsel account.
On 12/10/2019, Director ROSENFELD IRENE B recorded a purchase transaction valued at $42.3 thousand. The purchase at $84.6 a share has added 0.5 thousand shares into the insider’s portfolio position. Meanwhile, shares price witnessed 7.64 percent increase since the transaction reporting date. The company insider is left with 0.5 thousand shares remaining in the account. STERLING MICHELLE M, who works as EVP, Human Resources at the company, performed a sale of 17.56 thousand shares in a transaction worth $1.48 million. The disposal recorded on 12/10/2019 was priced at $84.53 per share. The stock price soared 7.73 percent since the transaction. STERLING MICHELLE M currently holds a stake of 19.17 thousand in QCOM stock which is worth $1.74 million after the insider selling.
The stock is lingering around the initial support level of $89.29. After this, the following support is at the zone of $88.32. Up until the time the QCOM stock hit levels beyond the current one, bulls should have no alarm. In terms of its momentum, the stock’s RSI hit 60.97 on the daily chart, and this may be a cause for concern. In case the price goes below $88.32 level on closing basis, there may be more profit booking with the stock growing weaker. Still, getting to the $91.81 level may cause a pull-back move approaching $93.36 mark.
QUALCOMM Incorporated (QCOM) shares are trading at a P/E ratio of 25.11 times earnings posted in the trailing 12 months. The industry QCOM deals with has an average P/E of 32.58. Its P/B ratio is standing at 23.48X compared to the 8.25 industry average. It is additionally sporting a 4.48 on the Price-to-Sales ratio, compared to the industry’s P/S average of 0.98. QUALCOMM Incorporated has a 57.6% gross profit margin, with its operating margin around 38.5%. Alongside this, the company’s net profit margin currently stands at 22.4%.