By
Bena Ilyas
April 10th, 2024
GOOGL stock has gained approximately 80.63%, 63.45%, and 12.30% in the past year, YTD, and three months respectively.
Alphabet Inc (NASDAQ: GOOGL) stock closed Tuesday trading at $2,864.74, up 0.32% from the day’s opening price. On Tuesday, Google unveiled the full details of its new Pixel 6 and Pixel 6 Pro phones, the first to run on its Google Tensor chip instead of Qualcomm’s processor. Google Tensor was announced in August.
The tech giant aims to take advantage of its huge presence in the android market with approximately 3 billion devices globally. Nevertheless, the move is expected to experience a lot of headwinds along the way. This is due to the fact that most smartphone users have been accustomed to Apple, Samsung, and Huawei among other devices. However, with its prices lower than most latest devices, the company is optimistic about catching customers’ attention.
Notably, the Pixel 6 starts at $599 while the Pixel 6 Pro starts at $899. The company said they will be available in the market by October 28.
Smartphone users have a reason to go for the new Pixel 6 series based on the unique software. Of note, the latest devices by Google come with unique software designed specifically for them and cannot be found in other android devices. Furthermore, the uniqueness is ostensibly brought about by the new Tensor chip. Google has followed similar footsteps made by its counterpart Apple Inc (NASDAQ: AAPL) following a global semiconductor shortage. Alibaba and other big technology companies are looking to develop in-house semiconductor chips to enable specialized software products.
The company plans to further increase its smartphone shipments up to 7 million products, thereby dabbling last year’s entire production. According to the news outlet The Verge, Google produced approximately 3.7 million devices in 2020. However, the figures were significantly affected last year due to drastic changes in the global supply chain caused by the Coronavirus crisis.
GOOGL Stock after the Announcement of New Google Pixel Models
GOOGL stock has gained approximately 80.63%, 63.45%, and 12.30% in the past year, YTD, and three months respectively through Tuesday. According to metrics provided by MarketWatch, GOOGL shares received an average recommendation of Buy from 47 ratings. Out of which, the highest price target is $3,600, the median price target at $3,200, and the lowest price target at $2,520. Thereby an average price target of $3,195.41.
GOOGL stock traded around $2,867.30 during today’s premarket. Should the Pixel 6 series sell as anticipated, the company could see its stock market rise higher in the coming quarters.
The new Tensor chip promises a better camera experience and generally a more user-friendly interface than other android devices.