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 13.97% valued currently at $7.28 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.
Currently, there are 864.50M common shares owned by the public and among those 857.31M shares have been available to trade.
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Insiders at the company have transacted a total of 256 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 116 of these insider trades were purchases, accounting for 1,287,451 shares. Insider sales of the common stock occurred on 140 occasions, with total insider shares sold totaling 1,140,330 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 $1.67 billion. Vanguard Total Stock Market ETF bought 0.17 million shares to see its total holdings expand to 27.11 million shares valued at over $1.63 billion and representing 3.14% of the shares outstanding. Invesco QQQ Trust sold 40745.0 shares to bring its total holdings to over 15.87 million shares at a value of $956.96 million. Invesco QQQ Trust now owns shares totaling to 1.84% of the shares outstanding.
However, the script later moved the day high at 69.57, down -2.80%. The company’s stock has a 5-day price change of -4.28% and 43.09% over the past three months. MRVL shares are trading 12.82% year to date (YTD), with the 12-month market performance up to 59.20% higher. It has a 12-month low price of $36.64 and touched a high of $73.53 over the same period. MRVL has an average intraday trading volume of 10.53 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 5.37%, 14.56%, and 23.26% respectively.
Institutional ownership of Marvell Technology Inc (NASDAQ: MRVL) shares accounts for 83.68% of the company’s 864.50M shares outstanding. Mutual fund holders own 27.39%, while other institutional holders and individual stakeholders account for 57.01% and 0.49% respectively.
It has a market capitalization of $58.82B 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 3.76% over the week and 3.57% over the month.
Analysts forecast that Marvell Technology Inc (MRVL) will achieve an EPS of $0.46 for the current quarter, $0.41 for the next quarter and $2.01 for 2025. The lowest estimate earnings-per-share for the quarter is $0.45 while analysts give the company a high EPS estimate of $0.49. Comparatively, EPS for the current quarter was $0.46 a year ago. Earnings per share for the fiscal year are expected to decrease by -28.78%, and 32.56% over the next financial year.
Looking at the support for the MRVL, a number of firms have released research notes about the stock. Cantor Fitzgerald stated their Overweight rating for the stock in a research note on January 23, 2024, with the firm’s price target at $80.
