AVGO - Why Broadcom Stock Is Falling Today
2024-07-16 12:11:11 ET
Broadcom (NASDAQ: AVGO) stock is losing ground in Tuesday's trading. The tech company's share price was down 1.6% as of ET, according to data from S&P Global Market Intelligence .
Broadcom is falling today following a recent filing with Securities and Exchange Commission (SEC). Per the filing published yesterday, CEO Hock Tan sold shares of the company's stock on July 11. Some investors appear to be taking Tan's recent sell move as a sign that it's time to take profits on the stock.
Thanks to excitement about the company's artificial intelligence ( AI ) opportunities, Broadcom stock has surged roughly 50% year to date. On the heels of such strong gains, it's not surprising that some investors are feeling a bit jumpy and looking for any potential indications that the stock may have already reached a near-term valuation peak. While there isn't any major business-specific news spurring today's sell-off, a recent insider selling event is causing some shareholders to follow suit.
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Why Broadcom Stock Is Falling Today