This Is What Whales Are Betting On Broadcom
Portfolio Pulse from Benzinga Insights
Deep-pocketed investors are showing a bearish sentiment towards Broadcom (NASDAQ:AVGO), with a significant move detected by Benzinga's options scanner. The scanner revealed 38 unusual options activities, with a bearish majority of 63%. The focus is on a price band between $660.0 and $1480.0. Despite this, the current market status shows AVGO's price slightly down by -0.19% at $1222.0, with potential overbought signals. Analysts have recently downgraded their ratings but still maintain a target price around $1308.33.
February 05, 2024 | 3:31 pm
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Broadcom has seen a bearish sentiment from large investors, with a focus on a price band between $660 and $1480. Despite analyst downgrades, the target price remains above the current trading price, indicating potential optimism.
The bearish sentiment from large investors and the unusual options activity suggest potential downward pressure on AVGO's stock price in the short term. However, the analysts' target prices, which are above the current trading price, and the slight current downtrend, indicate a mixed outlook that leans towards a negative short-term impact but with a note of caution due to the potential for recovery as suggested by analysts.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100