Google's Stock Sees Roller-Coaster Ride in August but Boasts Strong Year-to-Date Gains
AInvestMonday, Aug 26, 2024 4:01 am ET
1min read
GOOGL --
As of last week, Alphabet Inc.'s Google Class C (GOOG) saw a notable surge of 1.17%. Over the past week, the stock increased by 1.63%, with a year-to-date rise of 18.97%, bringing the company's latest market capitalization to $2.061 trillion.

On August 22, 2024, Google's trading volume escalated significantly with a transaction value topping $3.18 billion. This placed it 12th among the most traded stocks on that day, reflecting a 24.26% increase from the previous day with 19.12 million shares changing hands. Despite closing lower by 1.28% at $165.49, the stock displayed a 1.42% gain over the past five trading days. However, over the course of August, it has dropped by 4.42%, although it has risen by 17.43% since the year's beginning and 24.23% over the past 52 weeks.

Notably, since its last organizational overhaul in 2015, Alphabet Inc. has been positioned as the holding company for Google's various subsidiaries, including Calico, GV, Google Capital, and Google Fiber. Google's core initiatives span internet search, cloud computing, and ad technology, with a suite of internet-based products and services.

On August 19, 2024, Google's trading volume marked $2.195 billion, securing its place as the 12th most traded stock with a volume of 13.10 million shares. The stock appreciated by 2.22% that day, closing at $168.40, which represented a 2.71% weekly increase. The company, however, experienced a 2.74% decline for August up to that point, yet showed a commendable 19.49% rise year-to-date and 31.45% over the past 52 weeks.

Alphabet's second-quarter 2024 financial performance reported revenue at $165.28 billion, a 14.47% year-over-year increase. Net profit attributable to the parent soared by 41.48% to $47.28 billion.

On August 23, Google's stock edged up again by 1.23%, hitting $167.52 at 22:05 with trading volumes reaching $303 million.

In July 2024, Google emerged as one of the least shorted stocks among the S&P 500 index. As of July 31, only 0.33% of its shares were sold short, translating to 40.72 million shares, showing a 4.97% decrease in shorted shares compared to the end of June.
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