Marvell Technology Group Ltd. (MRVL) Trading Up 1.1%
Marvell Technology Group Ltd. (NASDAQ:MRVL)’s share price was up 1.1% on Wednesday . The stock 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.
Several equities analysts have recently weighed in on MRVL shares. BMO Capital Markets reiterated a “hold” rating on shares of Marvell Technology Group in a report on Monday, June 13th. Jefferies Group reiterated a “hold” rating on shares of Marvell Technology Group in a report on Wednesday, July 20th. MKM Partners upped their price objective on shares of Marvell Technology Group from $10.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, July 28th. B. Riley reiterated a “buy” rating and set a $16.00 price objective on shares of Marvell Technology Group in a report on Friday, August 26th. Finally, Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Marvell Technology Group in a report on Friday, July 22nd. Four analysts have rated the stock with a sell rating, nineteen have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $11.90.
The company’s market cap is $6.35 billion. The firm’s 50 day moving average is $11.44 and its 200-day moving average is $10.34.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by $0.06. The firm had revenue of $540.82 million for the quarter, compared to analysts’ expectations of $652.65 million. During the same period in the previous year, the company earned $0.25 EPS. The firm’s revenue for the quarter was down 25.3% on a year-over-year basis. On average, equities analysts expect that Marvell Technology Group Ltd. will post $0.40 earnings per share for the current year.
An institutional investor recently raised its position in Marvell Technology Group stock. State of Tennessee Treasury Department increased its position in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 15.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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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