Marvell Technology Group Ltd. (MRVL) Sets New 12-Month High at $12.60
Marvell Technology Group Ltd. (NASDAQ:MRVL) shares reached a new 52-week high on Monday . The company traded as high as $12.60 and last traded at $12.35, with a volume of 1,550,167 shares trading hands. The stock had previously closed at $12.27.
MRVL has been the topic of a number of analyst reports. B. Riley reiterated a “buy” rating and set a $15.00 price objective on shares of Marvell Technology Group in a research report on Monday, May 9th. Zacks Investment Research upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Wednesday, May 18th. Finally, Brean Capital reiterated 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 equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $11.71.
The company has a 50 day moving average price of $11.44 and a 200 day moving average price of $10.34. The stock’s market cap is $6.29 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 consensus estimate of $0.07 by $0.06. During the same period last year, the firm posted $0.25 EPS. The company earned $540.82 million during the quarter, compared to analysts’ expectations of $652.65 million. The firm’s revenue was down 25.3% compared to the same quarter last year. Equities analysts forecast that Marvell Technology Group Ltd. will post $0.40 earnings per share for the current fiscal year.
A hedge fund recently raised its stake in Marvell Technology Group stock. State of Tennessee Treasury Department raised its stake in 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 about 0.18% of Marvell Technology Group worth $8,114,000 at the end of the most recent reporting period.
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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