On June 9, Semtech fell 5.28% in regular trading, trading at $149.87/share, with trading volume of $193 million.
On the news front, the semiconductor sector came under broad-based selling pressure once again, with Marvell Technology down 9.76%, Advanced Micro Devices down 4.83%, Micron Technology down 4.67%, Intel down 4.09%, and NVIDIA down 2.36%. The systematic industry-wide selling dragged Semtech lower in sympathy, continuing to erode gains accumulated from its earlier rally.
Semtech had previously surged on strong fiscal Q1 results, with adjusted EPS of $0.51 beating consensus by 13.33% on revenue of $291 million, up 12.9% year-over-year. The company also issued Q2 guidance of $0.59–$0.63 in adjusted EPS, well above the $0.51 analyst estimate, while Morgan Stanley raised its target price to $175, citing accelerating AI optical business growth and record data center revenue. However, amid repeated sector-wide volatility, prior gains have been progressively unwound.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments