AVGO stock price slid near this weekend with a 1.96% price drop showing bears’ dominance. The price of AVGO stock dropped down from its 20-day moving average. With bears’ dominance, the RSI of AVGO stock started sliding down. Meanwhile, over a volume of 2 Million was noted on August 7, 2023, Friday’s trading session. It must be noted that AVGO share price had a bullish start this week which turned bearish near the weekend.
AVGO Stock Price Analysis
On Friday, AVGO stock price opened at $884.98, lost nearly $3, and then closed at $881.65 with 0.38% of price drop. The day range of AVGO stock was between $893.62 to $873.37. Notably, last month AVGO share price noted a 1.64% price gain while the year-to-date (YTD) price also showed a bullish surge with over 50% price rise.
The recent bearish trend points towards the bear’s increased activity which further shows investors lose confidence. However, the all-time price analysis shows a good performance with an all-time bullish performance.
The one-year price target set by analysts is at $905.00, up by over 2% from the recent closing price of stock. Meanwhile, the maximum price estimate by analysts is at $1050.00 whereas the minimum estimate is at $800.00.
The Fundamentals of Broadcom
Broadcom Inc. (NASDAQ: AVGO), a semiconductor manufacturing company, has a market cap of nearly $363 Billion. According to its recent Q2 2023 quarter report, released earlier in June 2023, its net income is $3.84 Billion. AVGO price-to-sales ratio is 10.78 while the company has an Enterprise Value to EBITDA ratio of 19.33.
AVGO dividends are paid quarterly while the last dividend per share was $4.60 and as of today, the Dividend Yield (TTM)% is 2.02%. AVGO earnings per share (EPS) is $10.32 whereas the estimate was at $10.12 which accounts for a 1.98% surprise. Its revenue for the same period amounts to $8.73 Billion despite the estimated figure of $8.70 Billion.
For the upcoming Q3 2023, the estimated EPS is $10.43, while the revenue is expected to reach $8.85 Billion.
Broadcom Inc. revenue for 2022 amounted to $33.20 Billion. Out of which, nearly $25.82 Billion came from its highest-performing source at the moment, “semiconductor solutions”.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/05/broadcom-avgo-stock-price-dropped-down-near-this-weekend/