Billionaire Rob Citrone Is Selling These 5 Stocks

In this article, we discuss 5 stocks that billionaire Rob Citrone is selling. If you want to see more stocks on this list, check out Billionaire Rob Citrone Is Selling These 10 Stocks. 

5. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 83

Advanced Micro Devices, Inc. (NASDAQ:AMD) was incorporated in 1969 and is headquartered in Santa Clara, California, operating as a semiconductor company worldwide. The company operates in two segments – Computing and Graphics, and Enterprise, Embedded and Semi-Custom. In the fourth quarter of 2021, Rob Citrone’s hedge fund held 15,300 shares of the company worth $2.20 million. The billionaire disposed of his stake in the first quarter of 2022. 

On July 20, Deutsche Bank analyst Ross Seymore lowered the price target on Advanced Micro Devices, Inc. (NASDAQ:AMD) to $85 from $115 and kept a Hold rating on the shares. The current “purgatory” stage of the semiconductor cycle continues heading into the Q2 earnings season, the analyst told investors. Despite forecasting optimistic fundamental strength across most of the sector in Q2 and Q3, the analyst said investors seem to be waiting for a “widespread deck-clearing” guide-down before getting back into semiconductor plays.

According to Insider Monkey’s data, 83 hedge funds were long Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of Q1 2022, up from 69 funds in the prior quarter. Ken Fisher’s Fisher Asset Management is the largest shareholder of the company, with 24.3 million shares worth $2.6 billion.  

Here is what Carillon Tower Advisers has to say about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q4 2021 investor letter:

“Advanced Micro Devices (AMD) supplies semiconductor chips for central processing units (CPUs) and graphic processing units (GPUs). The firm has been gaining share against its primary competitor in the datacenter server CPU space, as this rival has been unable to match the design and manufacturing capabilities of AMD and its partners. Investors are also looking forward to the closing of the previously announced merger with a semiconductor manufacturer that is another one of the portfolio’s holdings. The merger will increase AMD’s capabilities in the Field Programmable Gate Array (FPGA) chip space, and the combined company should possess the potential to win additional market share in the datacenter chip market.”