Fidelity Management & Research Co recently announced the acquisition of new stake in Marvell Technology Inc (NASDAQ:MRVL). The institutional investor has increased its shareholding in the Technology company by 0.39% to 120.72 million shares with purchase of 0.47 million shares. This fresh investment now brings its stake to 13.99% valued currently at $6.73 billion. In addition, The Vanguard Group, Inc. raised its holdings by 0.46 million to 68.6 million shares. And BlackRock Fund Advisors has lifted its position by 1.17% or 0.44 million shares – to 38.2 million shares.
With over 8.89 million Marvell Technology Inc (MRVL) shares trading Tuesday and a closing price of $58.17 on the day, the dollar volume was approximately $517.2 million. The shares have shown a negative half year performance of -5.18% and its price on 01/02/24 lost nearly -3.55%. Currently, there are 864.50M common shares owned by the public and among those 856.50M shares have been available to trade.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
Insiders at the company have transacted a total of 310 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 143 of these insider trades were purchases, accounting for 1,367,720 shares. Insider sales of the common stock occurred on 167 occasions, with total insider shares sold totaling 1,156,960 shares.
The top 3 mutual fund holders in Marvell Technology Inc are Fidelity Blue Chip Growth Fund, Vanguard Total Stock Market ETF, and Invesco QQQ Trust. Fidelity Blue Chip Growth Fund owns 27.7 million shares of the company’s stock, all valued at over $1.54 billion. The company sold 36297.0 shares recently to bring their total holdings to about 3.21% of the shares outstanding. Vanguard Total Stock Market ETF bought 32635.0 shares to see its total holdings expand to 26.94 million shares valued at over $1.5 billion and representing 3.12% of the shares outstanding. Invesco QQQ Trust sold 50920.0 shares to bring its total holdings to over 15.01 million shares at a value of $836.5 million. Invesco QQQ Trust now owns shares totaling to 1.74% of the shares outstanding.
Shares of Marvell Technology Inc (NASDAQ: MRVL) opened at $59.46, down -$0.85 from a prior closing price of $60.31. However, the script later moved the day high at 59.76, down -3.55%. The company’s stock has a 5-day price change of -3.45% and 6.56% over the past three months. MRVL shares are trading -3.55% year to date (YTD), with the 12-month market performance up to 58.24% 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 8.93 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 2.30%, 7.55%, and 9.45% respectively.
Institutional ownership of Marvell Technology Inc (NASDAQ: MRVL) shares accounts for 83.75% of the company’s 864.50M shares outstanding. Mutual fund holders own 25.57%, while other institutional holders and individual stakeholders account for 59.18% and 0.49% respectively.
It has a market capitalization of $50.29B and a beta (3y monthly) value of 1.52. The earnings-per-share (ttm) stands at -$0.65. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.14% over the week and 2.92% over the month.
Analysts forecast that Marvell Technology Inc (MRVL) will achieve an EPS of $Arrival for the current quarter, $1.19 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Maravai LifeSciences Holdings, while analysts give the company a high EPS estimate of $CorVel Corp.. Comparatively, EPS for the current quarter was $MedAvail Holdings, Inc. a year ago. Earnings per share for the fiscal year are expected to decrease by -28.80%, and 32.51% over the next financial year.
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 1.32. Specifically, 25 Wall Street analysts polled rate the stock as a buy, while 4 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. ROTH MKM stated their Buy rating for the stock in a research note on November 14, 2023, with the firm’s price target at $60.
