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Marvell Technology Inc. (NASDAQ: MRVL) Has Dropped -5.59% So Far This Year. Does That Mean Trouble Ahead?

During the last session, Marvell Technology Inc. (NASDAQ:MRVL)’s traded shares were 35.58 million, with the beta value of the company hitting 1.41. At the end of the trading day, the stock’s price was $49.47, reflecting an intraday gain of 7.59% or $3.49. The 52-week high for the MRVL share is $61.50, that puts it down -24.32 from that peak though still a striking 31.78% gain since the share price plummeted to a 52-week low of $33.75. The company’s market capitalization is $41.83B, and the average intraday trading volume over the past 10 days was 14.22 million shares, and the average trade volume was 12.19 million shares over the past three months.

Marvell Technology Inc. (MRVL) received a consensus recommendation of a Buy from analysts. That translates to a mean rating of 1.80. MRVL has a Sell rating from 0 analyst(s) out of 30 analysts who have looked at this stock. 3 analyst(s) recommend to Hold the stock while 2 suggest Overweight, and 25 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.29.

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Marvell Technology Inc. (NASDAQ:MRVL) trade information

Marvell Technology Inc. (MRVL) registered a 7.59% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 7.59% in intraday trading to $49.47 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is 10.57%, and it has moved by 29.91% in 30 days. Based on these gigs, the overall price performance for the year is -5.59%. The short interest in Marvell Technology Inc. (NASDAQ:MRVL) is 24.21 million shares and it means that shorts have 2.38 day(s) to cover.

The consensus price target of analysts on Wall Street is $56.41, which implies an increase of 12.3% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $45.00 and $100.00 respectively. As a result, MRVL is trading at a discount of -102.14% off the target high and 9.04% off the low.

Marvell Technology Inc. (MRVL) estimates and forecasts

Statistics show that Marvell Technology Inc. has underperformed its competitors in share price, compared to the industry in which it operates. Marvell Technology Inc. (MRVL) shares have gone up 15.26% during the last six months, with a year-to-date growth rate less than the industry average at -31.60% against 19.20. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to shrink -44.20% this quarter and then drop -45.60% in the quarter after that. In the rating firms’ projections, revenue will decrease -7.40% compared to the previous financial year.

Revenue for the current quarter is expected to be $1.3 billion as predicted by 22 analyst(s). Meanwhile, a consensus of 22 analyst(s) estimates revenue growth to $1.31 billion by the end of Jul 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $1.45 billion and $1.52 billion respectively. In this case, analysts expect current quarter sales to shrink by -10.10% and then drop by -13.50% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings shrunk an estimated -17.40%. While earnings are projected to return 63.70% in 2023, the next five years will return 17.00% per annum.

MRVL Dividends

Marvell Technology Inc. is due to release its next quarterly earnings between August 23 and August 28. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance. Investors should also take the other fundamental and operational aspects into account before investing in the stock. The forward dividend ratio for Marvell Technology Inc. is 0.24, with the dividend yield indicating at 0.49 percent, continuing the trend of increasing dividends in recent years.

Marvell Technology Inc. (NASDAQ:MRVL)’s Major holders

Marvell Technology Inc. insiders own 0.57% of total outstanding shares while institutional holders control 86.38%, with the float percentage being 86.88%. FMR, LLC is the largest shareholder of the company, while 1,232 institutions own stock in it. As of Mar 30, 2023, the company held over 128.53 million shares (or 14.96% of all shares), a total value of $5.57 billion in shares.

The next largest institutional holding, with 68.96 million shares, is of Vanguard Group, Inc. (The)’s that is approximately 8.03% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $2.99 billion.

Also, the Mutual Funds coming in first place with the largest holdings of Marvell Technology Inc. (MRVL) shares are Fidelity Blue Chip Growth Fund and Vanguard Total Stock Market Index Fund. Data provided on Feb 27, 2023 indicates that Fidelity Blue Chip Growth Fund owns about 27.38 million shares. This amounts to just over 3.20 percent of the company’s overall shares, with a $1.24 billion market value. The same data shows that the other fund manager holds slightly less at 25.91 million, or about 3.02% of the stock, which is worth about $959.69 million.

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