Jim Cramer Likes These 3 Beaten-Down Semiconductor Stocks

In this article, we will look at 3 beat-down semiconductor stocks that Jim Cramer likes. If you want to explore similar stocks, you can go to Jim Cramer Likes These 7 Beaten-Down Semiconductor Stocks.

3. Western Digital Corporation (NASDAQ:WDC)

Number of Hedge Fund Holders: 45

Western Digital Corporation (NASDAQ:WDC) develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. As of July 22, Western Digital Corporation (NASDAQ:WDC) has a price-to-earnings ratio of 8.00 and trailing twelve-month free cash flows of $1.41 billion.

On July 15, Deutsche Bank analyst Sidney Ho trimmed his price target on Western Digital Corporation (NASDAQ:WDC) to $64 from $72 and reiterated a Buy rating on the shares. The analyst noted that the risk-reward ratio for Western Digital Corporation (NASDAQ:WDC) is attractive. On July 20, Barclays analyst Tom O’Malley lowered his price target on Western Digital Corporation (NASDAQ:WDC) to $55 from $65 and reiterated an Equal Weight rating on the shares.

At the close of Q1 2022, 45 hedge funds were bullish on Western Digital Corporation (NASDAQ:WDC). These funds held collective stakes worth $1.03 billion in the company. This is compared to 50 positions in the previous quarter with stakes of $1.28 billion.

In the first quarter of 2022, Lyrical Asset Management raised its stakes in Western Digital Corporation (NASDAQ:WDC) by 4%, bringing them to $204.09 million. Lyrical Asset Management is the largest shareholder in the company and the investment covers 2.82% of its 13F portfolio.