NEW YORK – Shares of semiconductor giant Broadcom Inc. (AVGO) experienced a significant rally in recent trading, closing the session with strong gains and setting a new milestone for the year. The stock’s performance reflects robust investor confidence and positive momentum for the tech sector heavyweight.
Broadcom’s stock closed the day at
4.12, or 1.42%. The upward trajectory was a key feature of the day’s trading, which saw the company’s shares not only climb but also touch a new 52-week high of $295.45. This peak signals a new high-water mark for the stock over the past year, underscoring a powerful upward trend from its 52-week low of $128.50.
The trading session began with the stock opening at $292.46, slightly above the previous close of $290.18. After a brief dip to a day’s low of $290.59, the shares gathered momentum throughout the afternoon, culminating in the rally that pushed it to its annual peak just before the closing bell. This bullish activity suggests strong buying pressure and market optimism surrounding the company.
Further reflecting the positive sentiment, after-hours trading saw Broadcom’s stock continue to edge higher. It was last seen trading at $294.90, an additional gain of $0.60 (0.20%) after the market had officially closed. Investors are also noting the company’s dividend yield of 0.80% and a high P/E ratio of 110.61, metrics that will be closely watched as the market digests the day’s performance.
