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Is This The Right Time To Buy Marvell Technology Inc. (NASDAQ: MRVL) Stock?

Marvell Technology Inc. (NASDAQ:MRVL) price closed higher on Monday, September 18, jumping 0.73% above its previous close.

A look at the daily price movement shows that the last close reads $54.49, with intraday deals fluctuated between $54.16 and $55.71. The company’s 5Y monthly beta was ticking 1.43. Taking into account the 52-week price action we note that the stock hit a 52-week high of $67.99 and 52-week low of $33.75. The stock subtracted -4.64% on its value in the past month.

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Marvell Technology Inc., which has a market valuation of $48.53 billion, is expected to release its quarterly earnings report Nov 29, 2023 – Dec 05, 2023. The company stock has a Forward Dividend ratio of 0.24, while the dividend yield is 0.44%. It is understandable that investor optimism is growing ahead of the company’s current quarter results. Analysts tracking MRVL have forecast the quarterly EPS to grow by 0.4 per share this quarter, while the same analysts predict the annual EPS to hit $1.54 for the year 2023 and up to $2.35 for 2025. In this case, analysts estimate an annual EPS growth of -27.40% for the year and 52.60% for the next year.

On average, analysts have forecast the company’s revenue for the quarter will hit $1.4 billion, with the likely lows of $1.39 billion and highs of $1.41 billion. Staying with the analyst view, there is a consensus estimate of $5.53 billion for the company’s annual revenue in 2024. Per this projection, the revenue is forecast to grow -6.60% below that which the company brought in 2024.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give MRVL a short term outlook of Hold on average. Looking at the stock’s medium term indicators we note that it is averaging as a 50% Buy, while an average of long term indicators are currently assigning the stock as 50% Buy.

Here is a look at the average analyst rating for the stock as represented on a scale of 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock is strong buy or strong sell respectively. Specifically, 30 analysts have assigned MRVL a recommendation rating as follows: 2 rate it as a Hold; 25 advise Buy while 3 analyst(s) assign an Overweight rating. 0 analyst(s) have tagged the Marvell Technology Inc. (MRVL) stock as Underweight, with 0 recommending Sell. In general, analysts have rated the stock Buy, a scenario likely to bolster investors out for an opportunity to add to their holdings of the company’s shares.

The overview shows that MRVL’s price is at present -3.63% off the SMA20 and -8.75% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 40.24, with weekly volatility standing at 2.64%. The indicator jumps to 3.61% when calculated based on the past 30 days. Marvell Technology Inc. (NASDAQ:MRVL)’s beta value is holding at 1.43, while the average true range (ATR) indicator is currently reading 1.94. Considering analysts have assigned the stock a price target range of $60.00-$100.00 as the low and high respectively, we find the trailing 12-month average consensus price target to be $70.97. Based on this estimate, we see that current price is roughly -9.31% off the estimated low and -82.18% off the forecast high. Investors will no doubt be excited to see the share price fall to $70.00, which is the median consensus price, and at that level MRVL would be -27.53% from current price.

Turning out attention to how the Marvell Technology Inc. stock has performed in comparison to its peers in the industry, here’s what we find: MRVL’s stock is 0.73% on the day and 17.61% in the past 12 months, while NVIDIA Corporation (NVDA) traded -0.52% in the last session and was positioned 237.77% up on its price 12 months ago. Another comparison is with Broadcom Inc. (AVGO) whose stock price was up 0.27% in the last trading session, and has flourished 70.76% over the past year. Also, QUALCOMM Incorporated (QCOM) showed up trend of 0.44% while its price kept floating at -9.08% over the past year. Elsewhere in the market, the S&P 500 Index has rallied 0.01% in last trading session.

An analysis of the Marvell Technology Inc. (NASDAQ:MRVL) stock in terms of its daily trading volume indicates that the 3-month average is 11.04 million. However, this figure increases on the past 10-day timeline to an average of 8.65 million.

Current records show that the company has 860.90M in outstanding shares. The insiders’ percentage holdings are 0.20% of outstanding shares while the percentage share held by institutions stands at 86.10%. The stats also highlight that short interest as of Aug 30, 2023, stood at 18.83 million shares, which puts the short ratio at the time at 1.56. From this we can glean that short interest is 2.18% of company’s current outstanding shares. Notably, we see that shares short in August rose slightly given the previous month’s figure stood at 18.62 million. But the 48.19% upside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.