Broadcom Short Interest Up 13.6% in June (BRCM)
Shares of Broadcom (NASDAQ:BRCM) were the target of a significant increase in short interest during the month of June. As of June 13th, there was short interest totalling 12,570,380 shares, an increase of 13.6% from the May 30th total of 11,066,875 shares, American Banking News reports. Approximately 2.4% of the company’s stock are sold short. Based on an average trading volume of 16,507,458 shares, the days-to-cover ratio is currently 0.8 days.
In other Broadcom news, CEO Scott A. Mcgregor sold 75,000 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $37.37, for a total value of $2,802,750.00. The sale was disclosed in a filing with the SEC, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Benchmark Co. downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, June 17th. They now have a $40.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at TheStreet upgraded shares of Broadcom to a “buy” rating in a research note on Monday, June 16th. Finally, analysts at Canaccord Genuity set a $46.00 price target on shares of Broadcom in a research note on Friday, June 13th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and nineteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $37.65.
Broadcom (NASDAQ:BRCM) opened at 36.86 on Monday. Broadcom has a one year low of $23.25 and a one year high of $38.85. The stock has a 50-day moving average of $34.50 and a 200-day moving average of $31.1. The company has a market cap of $21.563 billion and a P/E ratio of 54.32.
Broadcom (NASDAQ:BRCM) last released its earnings data on Thursday, April 24th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.06. The company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, analysts predict that Broadcom will post $2.56 earnings per share for the current fiscal year.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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