Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Broadcom Inc shares valued at $6,720,000 were sold by Kawwas Charlie B on Mar 25 ’24. At $1344.00 per share, Kawwas Charlie B sold 5,000 shares. The insider’s holdings dropped to 16,575 shares worth approximately $21.86 million following the completion of this transaction.
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Also, Brazeal Mark David sold 2,500 shares, netting a total of over 3,380,875 in proceeds. Following the sale of shares at $1352.35 each, the insider now holds 49,474 shares.
Before that, Hao Kenneth had sold 9,160 shares from its account. In a trade valued at $12,715,311, the Director traded Broadcom Inc shares for $1388.13 each. Upon closing the transaction, the insider’s holdings decreased to 9,160 shares, worth approximately $0.0.
As published in a research note from TD Cowen on March 21, 2024, Broadcom Inc [AVGO] has been rated up from a Market perform to an Outperform and the price target has been revised to $1500 from $1400. As of March 08, 2024, TD Cowen has reiterated its “Market perform” rating for AVGO. Earlier on January 23, 2024, Cantor Fitzgerald initiated its rating. Their recommendation was “an Overweight” for AVGO stock.
Analyzing AVGO Stock Performance
During the last five days, there has been a surge of approximately 3.35%. Over the course of the year, Broadcom Inc shares have jumped approximately 18.14%. Shares of the company reached a 52-week high of $1,438.17 on 03/04/24 and a 52-week low of $1,041.51 on 01/05/24. A 50-day SMA is recorded $1,269.01, while a 200-day SMA reached $1,002.44. Nevertheless, trading volume fell to 2.5 million shares from 2.12 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 1,293.17, which, if violated, would cause prices to drop to 1,267.60. In the upper region, resistance lies at 1,347.15. The next price resistance is at 1,375.56. RSI (Relative Strength Index) is 54.02 on the 14-day chart, showing neutral 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 45.11%, indicating low price movement. Stochastics %K at holding 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 Mar 15, 2024 jumping by 0.44 million shares to 5.53 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 5.09 million shares. A jump of 7.96% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.54 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.54.
