With over 7.07 million Marvell Technology Inc. (MRVL) shares trading Monday and a closing price of $54.78 on the day, the dollar volume was approximately $387.31 million. The shares have shown a positive half year performance of 37.05% and its price on 09/18/23 gained nearly 0.53%. Currently, there are 860.90M common shares owned by the public and among those 858.62M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 31 analysts who have offered their price forecasts for MRVL have a consensus price objective of $70.44. The analysts have set the share’s price value over the next 12 months at a high of $100.00 and a low of $56.00. The average price target is 22.59% above its recent price level and an upside to the estimated low will see the stock gain 2.18% over that period. But an upside of 45.22% will see the stock hit the forecast high price target while median target price for the stock is $70.00.
Insiders at the company have transacted a total of 323 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 152 of these insider trades were purchases, accounting for 1,393,924 shares. Insider sales of the common stock occurred on 171 occasions, with total insider shares sold totaling 1,100,465 shares.
Shares of Marvell Technology Inc. (NASDAQ: MRVL) opened at $53.87, down -$0.62 from a prior closing price of $54.49. However, the script later moved the day high at 55.07, up 0.53%. The company’s stock has a 5-day price change of -2.73% and -10.37% over the past three months. MRVL shares are trading 47.89% year to date (YTD), with the 12-month market performance up to 17.38% higher. It has a 12-month low price of $33.75 and touched a high of $67.99 over the same period. MRVL has an average intraday trading volume of 11.04 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.82%, -8.94%, and 12.48% respectively.
Institutional ownership of Marvell Technology Inc. (NASDAQ: MRVL) shares accounts for 86.10% of the company’s 860.90M shares outstanding.
It has a market capitalization of $48.44B and a beta (3y monthly) value of 1.43. The earnings-per-share (ttm) stands at -$0.44. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.39% over the week and 3.63% over the month.
Analysts forecast that Marvell Technology Inc. (MRVL) will achieve an EPS of $0.4 for the current quarter, $0.49 for the next quarter and $2.35 for 2025. The lowest estimate earnings-per-share for the quarter is $0.4 while analysts give the company a high EPS estimate of $0.43. Comparatively, EPS for the current quarter was $0.57 a year ago. Earnings per share for the fiscal year are expected to increase by 63.70%, and 52.93% over the next financial year. EPS should grow at an annualized rate of 14.15% over the next five years, compared to -17.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 31 brokerage firm advisors rate Marvell Technology Inc. (MRVL) as a “Strong Buy” at a consensus score of 1.80. Specifically, 25 Wall Street analysts polled rate the stock as a buy, while 3 of the 31 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MRVL, a number of firms have released research notes about the stock. Susquehanna stated their Positive rating for the stock in a research note on August 23, 2023, with the firm’s price target at $60-$70.