Broadcom Inc (NASDAQ:AVGO) shares are rising Wednesday after former Speaker of the House Nancy Pelosi (D-Calif.) disclosed a recent purchase of call options in the semiconductor giant.
What To Know: Pelosi filed to disclose a handful of new trades on Wednesday. According to Benzinga's Government Trades tool, the Congresswoman reported buying 20 call options in Broadcom stock for a total cost somewhere between $1 million and $5 million. The calls have a strike price of $800 and are set to expire on June 20, 2025.
Pelosi also disclosed the purchase of 10,000 shares of Nvidia, the sale of 2,500 shares of Tesla and the sale of 2,000 shares of Visa. All of the moves took place between June 24 and July 1.
The Broadcom buy appears to be getting the most attention as the stock is trending on various social platforms and trading on relatively high volume. The move caught the attention of Barstool Sports founder and stock trader Dave Portnoy. In a new post on X, Portnoy suggested that he was buying $1 million worth of Broadcom stock after catching wind of Pelosi's position.
Broadcom's average session volume is about 3.3 million, according to data from Benzinga Pro. Wednesday's trading volume has already crossed the 2.2 million mark less than two hours into the trading session.
Related Link: Nancy Pelosi Loads Up On More Nvidia Shares, Sells Tesla: 'She Always Reports Right Before A Holiday'
AVGO Price Action: Broadcom shares were up 3.67% at $1,717.30 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
