Marvell Technology, Inc. (NASDAQ:MRVL) Short Interest Down 6.6% in July

Posted by Defense World Staff on Aug 1st, 2023

Marvell Technology, Inc. (NASDAQ:MRVL – Get Free Report) was the recipient of a significant decline in short interest during the month of July. As of July 15th, there was short interest totalling 18,070,000 shares, a decline of 6.6% from the June 30th total of 19,350,000 shares. Based on an average daily volume of 14,960,000 shares, the days-to-cover ratio is currently 1.2 days.

Marvell Technology Price Performance

Shares of MRVL opened at $65.13 on Tuesday. Marvell Technology has a twelve month low of $33.75 and a twelve month high of $67.99. The company has a 50 day moving average of $60.42 and a two-hundred day moving average of $48.41. The company has a quick ratio of 0.71, a current ratio of 1.05 and a debt-to-equity ratio of 0.20. The company has a market cap of $56.01 billion, a price-to-earnings ratio of -342.79, a price-to-earnings-growth ratio of 12.66 and a beta of 1.39.

Marvell Technology (NASDAQ:MRVL – Get Free Report) last announced its quarterly earnings data on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Marvell Technology had a negative net margin of 2.88% and a positive return on equity of 7.38%. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.37 earnings per share. As a group, analysts predict that Marvell Technology will post 0.86 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were given a $0.06 dividend. The ex-dividend date was Thursday, July 6th. This represents a $0.24 annualized dividend and a yield of 0.37%. Marvell Technology’s dividend payout ratio is presently -126.32%.

Insider Buying and Selling at Marvell Technology

In related news, insider Sandeep Bharathi sold 1,724 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $61.94, for a total value of $106,784.56. Following the completion of the transaction, the insider now directly owns 86,426 shares in the company, valued at approximately $5,353,226.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Sandeep Bharathi sold 1,724 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $61.94, for a total transaction of $106,784.56. Following the transaction, the insider now directly owns 86,426 shares of the company’s stock, valued at $5,353,226.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $60.88, for a total transaction of $1,826,400.00. Following the completion of the sale, the chief executive officer now directly owns 961,125 shares of the company’s stock, valued at approximately $58,513,290. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 198,521 shares of company stock worth $12,035,275. 0.45% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently modified their holdings of the business. LPL Financial LLC boosted its stake in Marvell Technology by 37.2% during the 2nd quarter. LPL Financial LLC now owns 367,303 shares of the semiconductor company’s stock worth $21,957,000 after purchasing an additional 99,645 shares during the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Marvell Technology by 6.5% during the second quarter. Crossmark Global Holdings Inc. now owns 6,261 shares of the semiconductor company’s stock worth $406,000 after buying an additional 381 shares during the period. Essex LLC acquired a new stake in shares of Marvell Technology during the second quarter worth about $227,000. Mutual Advisors LLC lifted its holdings in Marvell Technology by 3.7% during the 2nd quarter. Mutual Advisors LLC now owns 11,795 shares of the semiconductor company’s stock worth $705,000 after buying an additional 418 shares in the last quarter. Finally, Americana Partners LLC purchased a new position in Marvell Technology in the second quarter valued at $301,000. 86.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on Marvell Technology from $50.00 to $65.00 in a research report on Friday, May 26th. Bank of America raised their price target on Marvell Technology from $75.00 to $80.00 in a report on Tuesday, July 18th. Wells Fargo & Company increased their price objective on shares of Marvell Technology from $54.00 to $65.00 in a research report on Friday, May 26th. Wolfe Research assumed coverage on shares of Marvell Technology in a report on Wednesday, July 19th. They issued an “outperform” rating and a $80.00 target price for the company. Finally, Evercore ISI boosted their target price on Marvell Technology from $60.00 to $70.00 in a research report on Friday, May 26th. Three analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.71.

Marvell Technology Company Profile

(Get Free Report)

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.