5 Stocks to Sell According to Billionaire James Dinan

4. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 78

Intel Corporation (NASDAQ:INTC) is involved in the design, manufacture, and marketing of essential technologies for the cloud, smart, and connected devices for retail, industrial, and consumer uses worldwide. The company operates through DCG, IOTG, Mobileye, NSG, PSG, CCG, and All Other segments. Mr. Dinan sold all shares of Intel Corporation (NASDAQ:INTC) by the end of the third quarter of 2021.

By the end of the second quarter of 2021, 78 hedge funds including York Capital Management held stakes in Intel Corporation (NASDAQ:INTC). The total value of these stakes amounted to $6.76 billion. This is compared to 83 positions in the first quarter of 2021, with stakes worth $7.61 billion.

This November, Northland analyst Gus Richard upgraded Intel Corporation (NASDAQ:INTC) to Market Perform from Underperform and gave it a $49 price target.

Alger, an investment management firm, shared its insights on Intel Corporation (NASDAQ:INTC) in its “Alger Spectra Fund” first quarter 2021 investor letter. Here’s what the firm had to say:

“Short exposure to Intel also detracted from performance. Intel designs and manufactures semiconductors for the computing and communications industries. Intel’s proprietary intellectual strength and manufacturing prowess versus the competition is
deteriorating, which is causing the company to lose market share and profit opportunities. The short position detracted from portfolio returns as the share price reacted positively to the announcement of Pat Gelsinger being hired as chief executive officer, a stronger-than-anticipated quarterly earnings report driven by unusually robust PC sales that we believe are unsustainable and the unveiling of “Intel Unleashed,” a new long-term program to help improve manufacturing and spur innovation. This program involves opening two fabrication plants in Arizona, which confirms Intel’s commitment to continue as an integrated design manufacturer. Importantly, Intel continues to experience issues with its next generation server chips which are disadvantaging Intel versus the competition.”