Marvell Technology Group Ltd. (MRVL) Shares Up 1.1%
Marvell Technology Group Ltd. (NASDAQ:MRVL) shot up 1.1% during mid-day trading on Wednesday . The company traded as high as $12.59 and last traded at $12.44, with a volume of 2,364,726 shares changing hands. The stock had previously closed at $12.30.
A number of research firms have recently issued reports on MRVL. Citigroup Inc. upped their price target on Marvell Technology Group from $10.50 to $12.00 and gave the company a “sell” rating in a research report on Friday. Cowen and Company restated an “outperform” rating and issued a $15.00 price target on shares of Marvell Technology Group in a research report on Tuesday. Stephens began coverage on Marvell Technology Group in a research report on Wednesday. They issued an “overweight” rating and a $17.00 price target for the company. B. Riley reiterated a “buy” rating and issued a $16.00 price objective on shares of Marvell Technology Group in a report on Wednesday. Finally, Oppenheimer Holdings Inc. reiterated 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 issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $11.96.
The firm has a 50 day moving average of $11.59 and a 200 day moving average of $10.37. The firm’s market capitalization is $6.58 billion.
Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Wednesday, July 27th. The company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by $0.06. The company had revenue of $540.82 million for the quarter, compared to analyst estimates of $652.65 million. The company’s quarterly revenue was down 25.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 EPS. 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 raised its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 15.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (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 about 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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