Marvell Technology Group Ltd. (MRVL) Trading Down 1.2%
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) traded down 1.2% on Tuesday . The company traded as low as $12.27 and last traded at $12.28, with a volume of 1,923,265 shares traded. The stock had previously closed at $12.43.
A number of brokerages have recently commented on MRVL. B. Riley reaffirmed a “buy” rating and set a $16.00 target price on shares of Marvell Technology Group in a research report on Saturday, July 30th. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Marvell Technology Group in a research report on Friday, July 22nd. Zacks Investment Research lowered shares of Marvell Technology Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 25th. Citigroup Inc. reaffirmed a “sell” rating and set a $10.50 target price (up from $8.65) on shares of Marvell Technology Group in a research report on Thursday, July 28th. Finally, Barclays PLC raised their target price on shares of Marvell Technology Group from $10.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. Four analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and seven have assigned a buy rating to the stock. Marvell Technology Group presently has a consensus rating of “Hold” and a consensus target price of $11.71.
The stock’s market capitalization is $6.25 billion. The firm’s 50-day moving average price is $11.09 and its 200-day moving average price is $10.21.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.07 by $0.06. During the same period in the previous year, the business earned $0.25 EPS. The business had revenue of $540.82 million for the quarter, compared to the consensus estimate of $652.65 million. The firm’s quarterly revenue was down 25.3% compared to the same quarter last year. Equities analysts expect that Marvell Technology Group Ltd. will post $0.40 EPS for the current fiscal year.
An institutional investor recently raised its position in Marvell Technology Group stock. State of Tennessee Treasury Department increased its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 15.0% during the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 920,000 shares of the company’s stock after buying an additional 120,000 shares during the period. State of Tennessee Treasury Department owned approximately 0.18% of Marvell Technology Group worth $8,114,000 at the end of the most recent quarter.
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.