Broadcom Inc. [AVGO] short interest surges, jumping by 6.08 million million shares


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Broadcom Inc. shares valued at $4,338,040 were sold by Spears Kirsten M. on Mar 28. At $619.72 per share, Spears Kirsten M. sold 7,000 shares. The insider’s holdings dropped to 41,085 shares worth approximately $29.94 million following the completion of this transaction.

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Also, FERNANDEZ RAUL J sold 740 shares, netting a total of over 472,860 in proceeds. Following the sale of shares at $639.00 each, the insider now holds 1,213 shares.

Before that, TAN HOCK E had sold 30,000 shares from its account. In a trade valued at $18,781,200, the President and CEO traded Broadcom Inc. shares for $626.04 each. Upon closing the transaction, the insider’s holdings decreased to 30,000 shares, worth approximately $156.34 million.

Analyzing AVGO Stock Performance

On Thursday, Broadcom Inc. [NASDAQ: AVGO] rose 7.25% to $728.80. The stock’s lowest price that day was $690.77, but it reached a high of $732.39 in the same session. During the last five days, there has been a surge of approximately 7.51%. Over the course of the year, Broadcom Inc. shares have jumped approximately 30.35%. Shares of the company reached a 52-week high of $732.39 on 05/25/23 and a 52-week low of $549.99 on 01/10/23. A 50-day SMA is recorded $636.62, while a 200-day SMA reached $559.95. Nevertheless, trading volume fell to 4.87 million shares from 2.3 million shares the previous day.

Support And Resistance Levels for Broadcom Inc. (AVGO)

According to the 24-hour chart, there is a support level at 702.25, which, if violated, would cause prices to drop to 675.70. In the upper region, resistance lies at 743.87. The next price resistance is at 758.94. RSI (Relative Strength Index) is 78.33 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 40.80, which suggests the price will increase in the coming days. Percent R is at 3.08%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is Broadcom Inc. subject to short interest?

Stocks of Broadcom Inc. saw a sharp rise in short interest on Apr 27, 2023 jumping by 0.88 million shares to 6.08 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2023 was 5.2 million shares. A jump of 14.47% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.54 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.54.

Which companies own the most shares of Broadcom Inc. (AVGO)?

According to The Vanguard Group, Inc. filings, the company currently owns 38,345,001 shares, which is about 9.20% of the total AVGO shares outstanding. The investor’s shares have appreciated by 1,047,869 from its previous 13-F filing of 37297132.0 shares. With the completion of the sale transaction, Capital Research & Management Co’s stake is now worth $17,282,922,829. Capital Research & Management Co reduced a -6.85% interest valued at $17.14 billion while Capital Research & Management Co sold a -629,241 stake. A total of -138,241 shares of Broadcom Inc. were sold by BlackRock Fund Advisors during the quarter, and 794,832 were bought by SSgA Funds Management, Inc. In its current portfolio, Geode Capital Management LLC holds 7,813,688 shares valued at $4.9 billion.

In terms of Broadcom Inc. share price expectations, FactSet research, analysts set an average price target of $716.40 in the next 12 months, up nearly 4.12% from the previous closing price of $679.53. Analysts anticipate Broadcom Inc. stock to reach $800.00 by 2023, with the lowest price target being $600.00. In spite of this, 27 analysts ranked Broadcom Inc. stock as a Buy at the end of 2023.


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