Marvell Technology Inc (NASDAQ:MRVL) price on Thursday, May 22, rose 2.89% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $61.85.
A look at the stock’s price movement, the close in the last trading session was $60.11. Turning to its 52-week performance, $127.48 and $47.08 were the 52-week high and 52-week low respectively. Overall, MRVL moved 15.03% over the past month.
Marvell Technology Inc’s market cap currently stands at around $53.43 billion, with investors looking forward to this quarter’s earnings report slated for in June. The company has a Forward Dividend ratio of 0.24, with its dividend yield at 0.39%. 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 1.88B for the company’s revenue for the quarter, with a low and high estimate of 1.87B and 1.92B respectively. The average forecast suggests up to a 61.86% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 8.19B, representing a 42.03% jump 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 Hold. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 100% Sell 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 0.94% and 2.01% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 50.97, while 7-day volatility ratio is 2.41% and 3.30% in the 30-day chart. Further, Marvell Technology Inc (MRVL) has a beta value of 1.77, and an average true range (ATR) of 3.34. Analysts have given the company’s stock an average 52-week price target of $110, forecast between a low of $90 and high of $122. Looking at the price targets, the low is -45.51% off current price level while to achieve the yearly target high, price needs to move -97.25%. Nonetheless, investors will most likely welcome a -77.85% jump to $110 which is the analysts’ median price.
If we refocus on Marvell Technology Inc (NASDAQ:MRVL), historical trading data shows that trading volumes averaged 19.77 million over the past 3 months. The company’s latest data on shares outstanding shows there are 866.00 million shares.
The 0.52% of Marvell Technology Inc’s shares are in the hands of company insiders while institutional holders own 83.49% of the company’s shares. Current price change has pushed the stock -44.00% 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.
