Oracle (ORCL) stock was down on Friday alongside news that the multinational technology company is struggling to attract workers to its office in Nashville, TN. This office is planned to be the company’s new global headquarters, if Oracle can find employees who actually want to work at the location.
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Oracle has reportedly run into trouble hiring employees at the Nashville office for a few reasons. The first is a requirement for on-site work, instead of allowing for remote employees. Another major factor affecting its efforts appears to be pay. While this office would be the company’s new HQ, Oracle is reportedly offering employees less compensation compared to what it does at other offices.
The issue that Oracle faces is offering enough that employees will be willing to relocate from other offices. That’s a tall order considering the lower pay, even if the cost of living in Nashville is lower. This problem could prevent the company from setting up its new HQ as early as it had hoped. It also might have to rely more on local talent than pulling workers from other areas.
Oracle Stock Movement Today
Oracle stock was down slightly on Friday, extending a 3.15% drop year-to-date. Despite that dip, the stock was still up 17.9% over the past 12 months.
ORCL stock activity today saw some 7.29 million shares change hands, compared to a three-month daily average trading volume of about 26.99 million units.
Is Oracle Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Oracle is Moderate Buy, based on 25 Buy and nine Hold ratings over the past three months. With that comes an average ORCL stock price target of $309.59, representing a potential 63.78% upside for the shares.
