Advanced Micro Devices, Inc. (NASDAQ: AMD) Rallies on Positive Market Update. Here’s Why?

The global stock market has dropped sharply as the COVID-19 spreads across the globe and it worries the investors. Advanced Micro Devices, Inc. (NASDAQ: AMD) has gained a stunning return in recent years as they optimized their products.

But COVID-19 has a huge impact on the first quarter result of AMD. AMD also experienced a decrease in the hedge fund interest in recent months.

It has been officially confirmed by AMD that Zen4 will release in 2022 and it will be of 5 nm. Previously, AMD officially released the Radeon RX 590 GME for China.

AMD has announced it’s last earning data on 28th January 2020 and it reported the $0.32 Earning Per Share for the quarter. The company revenue was $2.13 billion for the quarter compared to the estimate of $2.11 billion.

In the first quarter of 2020, AMD has 53 hedge funds which gain bullish momentum. Among these shares, Citadel Investment Group has worth $463.7 million stakes in Advanced Microdevices, Inc. D E Shaw was on the second spot holding the $278.4 million of shares. Renaissance Technologies, GQG Partners, and Polar Capital are the largest hedge fund holder of AMD.

As AMD has experienced the falling in hedge fund interest there are few hedge fund mangers who sold off their shares. Ken Griffin’s Citadel Investment Group cut off the $181.9 million in stock and Kenneth Tropin’s Graham Capital Management dumped about $147.6 million worth.

AMD rivals Intel (INTC) in making CPUs, for PCs and servers. Similarly, it also competes Nvidia (NVDA) in the market for GPUs for PCs, gaming consoles and data centers.

Advanced Microdevices, Inc had a trading volume of roughly $17.03 million compared to its average volume of $81.41 million. AMD shared went down by 7.68%. AMD had a previous day low range of $41.02 and day high range of $42.50. AMD has a 52-week low range of $21.98 and a high range of about $59.27. AMD has a total market cap f roughly $49.35 billion.

For Advanced Micro Devices, Inc. there are currently 1 sell rating, 17 holding rating, 17 buy rating for the stock, resulting in the consensus rating of ‘Hold’.

Advanced Micro Devices, Inc works as a semiconductor company worldwide. The company operates in two segments, Computing and Graphics; and Enterprise, Embedded, and Semi-Custom. Its products include x86 microprocessors as an accelerated processing unit (APU), chipsets, discrete and integrated graphics processing units (GPUs), and professional GPUs; and server and embedded processors, and semi-custom System-on-Chip (SoC) products and technology for game consoles.