Marvell Technology Group Ltd. (MRVL) Sees Unusually-High Trading Volume
Marvell Technology Group Ltd. (NASDAQ:MRVL) shares saw unusually-strong 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.
A number of analysts recently issued reports on MRVL shares. B. Riley reissued a “buy” rating and issued a $15.00 target price on shares of Marvell Technology Group in a research report on Sunday, June 26th. Zacks Investment Research raised Marvell Technology Group from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Wednesday, May 18th. Finally, Brean Capital reaffirmed a “buy” rating and set a $12.50 price objective on shares of Marvell Technology Group in a research report on Wednesday, July 20th. Four investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $11.96.
The stock has a 50 day moving average price of $11.63 and a 200 day moving average price of $10.37. The firm’s market cap is $6.65 billion.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Wednesday, July 27th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by $0.06. During the same quarter in the prior year, the business posted $0.25 earnings per share. The business had revenue of $540.82 million for the quarter, compared to the consensus estimate of $652.65 million. The firm’s revenue for the quarter was down 25.3% on a year-over-year basis. On average, equities research analysts predict that Marvell Technology Group Ltd. will post $0.40 EPS for the current year.
A hedge fund recently raised its stake in Marvell Technology Group stock. State of Tennessee Treasury Department boosted its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 15.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.