Analysts are Downgrading These 5 Tech Stocks

2. Western Digital Corporation (NASDAQ:WDC)

Number of Hedge Fund Holders: 43

Shares of Western Digital Corporation (NASDAQ:WDC) hit a new 52-week low of $40.38 on Thursday, September 1, 2022. The drop came after Benchmark lowered its ratings for the hard disk drive maker from “Hold” to “Sell,” citing its weak outlook.

Last month, Western Digital Corporation (NASDAQ:WDC) issued disappointing financial guidance for its fiscal first quarter. Western Digital Corporation (NASDAQ:WDC) guided for adjusted earnings in the range of 35 – 65 cents per share and revenue between $3.6 – $3.8 billion. The forecast was significantly lower than the consensus of $1.88 per share for earnings and $4.75 billion for revenue.