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Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the past two years. But there is no question some big-name stocks performed better than others since the pandemic bottom.
Intel's Bumpy Ride: One company that has been a terrible performer in the last two years has been semiconductor giant Intel Corporation (NASDAQ: INTC).
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Intel has continued to struggle with production issues and losing market share to competitors NVIDIA Corporation (NASDAQ: NVDA) and Advanced Micro Devices, Inc. (NASDAQ:AMD).
At the beginning of 2020, Intel shares were trading at $60.97. By the beginning of March, the stock was down to $55.79 as news of the coronavirus spreading in China prompted concerns about a U.S. pandemic.
When the market crashed during the U.S. COVID-19 outbreak in March, Intel shares dropped as low as $43.63 during the height of the pandemic fears.
When the market bounced in late March 2020, Intel began to rebound as well. The stock surpassed $60 per share in April, eventually peaking at $65.11 in June 2020.
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Unfortunately, Intel didn’t maintain the momentum of the broader market in the second half of 2020. In fact, the stock didn’t actually hit its low point of 2020 until it dipped to $43.61 on Oct. 30, 2020, before finishing the year at $49.82.
Intel In 2022, Beyond: The biggest news of 2021 came in January when Intel announced CEO Robert Swan would be replaced by VMware, Inc. (NASDAQ: VMW) CEO Pat Gelsinger. The headline sent Intel shares surging more than 8.6% to their highest level in six months.
Intel stock peaked at $68.48 in April 2021 before quickly reversing course, pulling all the way back to below $55 in May.
In June 2021, Intel announced a strategy shift that includes investing $44 billion in a series of massive new chip fabrication plants in the U.S., Europe and Israel. The new strategy failed to wow the market, and Intel shares dropped back below $50 in October 2021.
Semiconductor supply chain disruptions and broad market rotation out of tech stocks sent Intel shares to new post-pandemic lows below $40 in June 2022.
In October 2022, Intel spun-off its Mobileye Global Inc (NASDAQ:MBLY) self-driving car unit. While Mobileye shares popped 37% on their first day of trading, Intel shares hit a new post-pandemic low of $24.59 that same month. Intel shares have since rebounded to $26.75.
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Unfortunately, investors who bought Intel on the day it hit its 2020 pandemic low and held on have generated a negative return on their investment. In fact, $1,000 in Intel stock bought on Oct. 30, 2020, would be worth about $651 today, assuming reinvested dividends.
Looking ahead, analysts are expecting Intel's stock to continue to rebound in the next 12 months. The average price target among the 32 analysts covering the stock is $29, suggesting 7.8% upside from current levels.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.