Marvell Technology Group Ltd. (MRVL) Sees Strong Trading Volume
Marvell Technology Group Ltd. (NASDAQ:MRVL) shares saw unusually-high trading volume on Thursday . Approximately 8,470,334 shares changed hands during mid-day trading, an increase of 83% from the previous session’s volume of 4,632,648 shares.The stock last traded at $12.87 and had previously closed at $12.40.
MRVL has been the subject of several research reports. BMO Capital Markets reiterated a “hold” rating on shares of Marvell Technology Group in a research report on Monday, June 13th. Jefferies Group reissued a “hold” rating on shares of Marvell Technology Group in a report on Wednesday, July 20th. MKM Partners raised their price target on Marvell Technology Group from $10.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, July 28th. B. Riley reissued a “buy” rating and issued a $16.00 price target on shares of Marvell Technology Group in a report on Friday, August 26th. Finally, Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Marvell Technology Group in a report on Friday, July 22nd. Four research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $11.90.
The firm has a 50 day moving average price of $11.59 and a 200 day moving average price of $10.37. The company’s market capitalization is $6.58 billion.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.07 by $0.06. The firm earned $540.82 million during the quarter, compared to the consensus estimate of $652.65 million. The firm’s revenue for the quarter was down 25.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.25 earnings per share. 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 Form 13F filing 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 0.18% of Marvell Technology Group worth $8,114,000 as of its most recent filing with the SEC.
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.
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