ARK Investment Management purchased 57,705 shares of Broadcom. The transaction total reached approximately $20.6 million. This acquisition follows a similar purchase by the firm during the previous week.
Broadcom stock has declined 27% from its June peak. Increased competition in the custom AI chip market pressured the share price. The company will report its third-quarter financial results on September 2.
Analysts expect earnings per share to grow 90% year-over-year. Revenue projections indicate an 83% increase for the quarter.