Applied Materials Receives DOJ Subpoena: What To Know

Applied Materials, Inc. (NASDAQ:AMAT) shares are trading lower Monday. The company has received a subpoena from the Department of Justice (DOJ) requesting information related to certain federal award applications. 

The Details:

According to a regulatory filing from last week, the DOJ subpoenaed information related to applications submitted to the federal government for grants under the U.S. Chips and Science Act. 

The company's application was ultimately denied, dealing a major blow to plan for a $4 billion research site to be located in Sunnyvale, California.

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Applied Materials had previously been under scrutiny regarding its product shipments to China and earlier this year disclosed requests from the Securities and Exchange Commission and the US Attorney's Office for the District of Massachusetts. 

According to data from Benzinga Pro, Applied Materials shares are down by more than 6% over the past five days and are trading below the stock’s 50-day moving average of $219.34. 

Will AMAT Stock Go Up?

When trying to assess whether or not Applied Materials will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $259.54 on Applied Materials. The Street high target is currently at $300 and the Street low target is $224. Of all the analysts covering Applied Materials, 10 have positive ratings, 3 have neutral ratings and no one has negative ratings.

In the last month, 8 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Applied Materials have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Applied Materials is 27.97% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Applied Materials, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

AMAT Price Action: According to Benzinga Pro, Applied Materials shares are down 2.57% at $197.46 at the time of publication Monday.

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