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Friday, September 22, 2023

Investor Confidence is Falling for McAfee Corp. (NASDAQ:MCFE)

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McAfee Corp. (MCFE) shares are trading at lower $18.70.

To add more color to this target, the company’s high over the last year is $19.78 and the low is $18.29 while the S&P 500 is up 12.53%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. MCFE has outstanding shares of 429.79M.

Company Outlook

MCFE has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 15.05 million and more growth is possible in the weeks ahead. Investors should also keep an eye on sector updates as MCFE has historically followed its peers on positive news.

All told, McAfee Corp. MCFE has strung together solid data and demonstrated underlying fundamentals. At its current valuation, MCFE represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

McAfee Corp. MCFE is now commanding a market cap of 8.04B and a float of 30.98M. MCFE is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of MCFE stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in MCFE, either long or short, and we have not been compensated for this article.

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