Marvell Technology Inc (NASDAQ:MRVL) price on current trading day, fall -3.76% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $68.66.
A look at the stock’s price movement, the close in the last trading session was $71.34, moving within a range at $68.39 and $71.78. The beta value (5-Year monthly) was 1.46. Turning to its 52-week performance, $85.76 and $46.07 were the 52-week high and 52-week low respectively. Overall, MRVL moved 6.70% over the past month.
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Marvell Technology Inc’s market cap currently stands at around $59.43 billion, with investors looking forward to this quarter’s earnings report slated for on 2024-Aug-29. The company has a Forward Dividend ratio of 0.24, with its dividend yield at 0.35%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report.
Analysts have a consensus estimate of 1.25B for the company’s revenue for the quarter, with a low and high estimate of 1.24B and 1.27B respectively. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 5.41B, representing a -1.90% decline on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that MRVL is a 50% Sell. On the other hand, the stock is on average a Hold as suggested by medium term indicators while long term indicators are putting the stock in Hold category.
27 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 2 analyst(s) rate the stock as a Hold, 24 recommend MRVL as a Buy and 1 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
MRVL’s current price about 7.38% and 0.63% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 54.21, while 7-day volatility ratio is 3.94% and 5.18% in the 30-day chart. Further, Marvell Technology Inc (MRVL) has a beta value of 1.45, and an average true range (ATR) of 3.35. Analysts have given the company’s stock an average 52-week price target of $90, forecast between a low of $53 and high of $115. Looking at the price targets, the low is 22.81% off current price level while to achieve the yearly target high, price needs to move -67.49%. Nonetheless, investors will most likely welcome a -31.08% jump to $90 which is the analysts’ median price.
If we refocus on Marvell Technology Inc (NASDAQ:MRVL), historical trading data shows that trading volumes averaged 10.32 over the past 10 days and 11.39 million over the past 3 months. The company’s latest data on shares outstanding shows there are 865.50 million shares.
The 1.41% of Marvell Technology Inc’s shares are in the hands of company insiders while institutional holders own 87.64% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 35.53 million on 2024-07-31, giving us a short ratio of 3.6. The data shows that as of 2024-07-31 short interest in Marvell Technology Inc (MRVL) stood at 484.99998 of shares outstanding, with shares short falling to 43.9 million registered in 2024-06-28. Current price change has pushed the stock 13.85% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the MRVL stock continues to rise going into the next quarter.
