Kovack Advisors Reduces Stake in Advanced Micro Devices to $3.49 Million

Kovack Advisors Inc. has decreased its stake in Advanced Micro Devices, Inc. (NASDAQ: AMD) by 4.9% during the second quarter of 2023, according to the firm’s latest Form 13F filing with the Securities and Exchange Commission (SEC). After selling 1,258 shares, Kovack Advisors now holds 24,571 shares valued at approximately $3.49 million.

The filing indicates a broader trend among institutional investors in AMD, with several hedge funds adjusting their positions. For instance, Silver Coast Investments LLC acquired a new position in AMD worth $264,000 during the same period. Aljian Capital Management LLC increased its holdings by 23.4%, now owning 10,496 shares valued at $1.49 million, after purchasing an additional 1,990 shares.

In a notable move, Simon Quick Advisors LLC expanded its stake by 34.9%, bringing its total to 11,067 shares worth $1.57 million. Similarly, Coign Capital Advisors LLC raised its holdings by 2.1%, now owning 5,214 shares valued at $740,000, while KLCM Advisors Inc. increased its position by 2.7%, resulting in 12,609 shares worth $1.79 million.

As a whole, institutional investors and hedge funds collectively possess 71.34% of AMD’s stock.

Insider Transactions Highlight Market Activity

In recent insider activity, Ava Hahn, Senior Vice President at AMD, sold 2,868 shares on October 6, 2023, at an average price of $226.01, totaling around $648,196.68. Following this transaction, Hahn owns 9,033 shares, valued at approximately $2.04 million, reflecting a 24.10% decrease in her holdings.

Additionally, Mark D. Papermaster, Executive Vice President, sold 16,800 shares on October 15, 2023, at an average price of $224.28, amounting to about $3.77 million. After this sale, Papermaster retains 1,714,505 shares, valued at $384.53 million, representing a 0.97% decrease in ownership. Over the past ninety days, insiders have sold a total of 274,118 shares, valued at $46.18 million, while insiders hold just 0.06% of the company’s stock.

Advanced Micro Devices Reports Earnings and Analyst Ratings

AMD recently reported its earnings for the second quarter on August 5, 2023. The company posted earnings of $0.48 per share, which fell short of analysts’ expectations of $0.54 by $0.06. The semiconductor manufacturer achieved a revenue of $7.69 billion, surpassing analyst predictions of $7.41 billion, and marking a year-over-year revenue increase of 31.7%.

Looking ahead, AMD has set guidance for Q3 2025 at an anticipated earnings per share of $3.87 for the current fiscal year, as projected by research analysts.

Recent analyst ratings reflect mixed sentiments about AMD’s stock. Weiss Ratings downgraded its rating from “hold (C-)” to “sell (D+)” on October 8, 2023. In contrast, Rosenblatt Securities raised its price target to $250.00 and maintained a “buy” rating on October 7, 2023. Bank of America increased its price target from $250.00 to $300.00 and confirmed a “buy” rating on October 17, 2023.

Overall, the consensus rating for AMD is “Moderate Buy” with a target price of approximately $234.68, according to data from MarketBeat.com.

Advanced Micro Devices operates globally across various segments including Data Center, Client, Gaming, and Embedded, offering a wide range of semiconductor products and services.