In the latest trading session, 2.03 million Marvell Technology Inc (NASDAQ:MRVL) shares changed hands as the company’s beta touched 1.45. With the company’s most recent per share price at $54.41 changed hands at -$1.97 or -3.49% at last look, the market valuation stands at $46.94B. MRVL’s current price is a discount, trading about -24.96% off its 52-week high of $67.99. The share price had its 52-week low at $33.75, which suggests the last value was 37.97% up since then. When we look at Marvell Technology Inc’s average trading volume, we note the 10-day average is 9.93 million shares, with the 3-month average coming to 9.64 million.
Analysts gave the Marvell Technology Inc (MRVL) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 1.28. If we narrow down to specifics, the data shows that 0 out of 32 analysts rate the stock as a Sell, with a further 3 assigning it an Overweight rating. Of the remaining, 3 recommended MRVL as a Hold, 26 felt it is a Buy and 0 rated the stock as Underweight. Marvell Technology Inc’s EPS for the current quarter is expected to be $0.4.
Marvell Technology Inc (NASDAQ:MRVL) trade information
Instantly MRVL was in red as seen in intraday trades today. With action -4.59%, the performance over the past five days has been red. The drop to weekly highs of 58.12 on Monday, 11/20/23 subtracted -3.49% to the stock’s daily price. The company’s shares are showing year-to-date upside of 46.90%, with the 5-day performance at -4.59% in the red. However, in the 30-day time frame, Marvell Technology Inc (NASDAQ:MRVL) is 11.00% up. Looking at the short shares, we see there were 15.55 million shares sold at short interest cover period of 1.93 days.
The consensus price target for the stock as assigned by Wall Street analysts is $69.73, meaning bulls need an upside of 21.97% from its recent market value. According to analyst projections, MRVL’s forecast low is $56.00 with $100.00 as the target high. To hit the forecast high, the stock’s price needs a -83.79% plunge from its current level, while the stock would need to soar -2.92% for it to hit the projected low.
Marvell Technology Inc (MRVL) estimates and forecasts
Data shows that the Marvell Technology Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 16.78% over the past 6 months, a -27.83% in annual growth rate that is considerably lower than the industry average of 12.20%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Marvell Technology Inc will fall -29.80%, while the growth in revenue is estimated to hit 6.50% for the next quarter. Year-over-year growth is forecast to reach -6.60% down from the last financial year.
Consensus estimates given by 24 financial analysts project the company’s revenue in the current quarter to hit an average of $1.4 billion. 24 analysts are of the opinion that Marvell Technology Inc’s revenue for the quarter ending Jan 2024 will be $1.46 billion. The estimates for the next quarter sales put growth at 3.10%.
The 2023 estimates are for Marvell Technology Inc earnings to decrease by -27.86%, but the outlook for the next 5-year period is at 14.15% per year.
Marvell Technology Inc is expected to release its next quarterly earnings report on November 30. The 0.44% annual yield figure for the share gives it an annual dividend of 0.24. It is important to note, however, that the 0.44% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.
Marvell Technology Inc (NASDAQ:MRVL)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 0.49% of Marvell Technology Inc shares while 87.37% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 87.80%. There are 87.37% institutions holding the Marvell Technology Inc stock share, with FMR, LLC the top institutional holder. As of Sep 29, 2023, the company held 15.00% of the shares, roughly 129.42 million MRVL shares worth $7.05 billion.
Vanguard Group Inc holds the second largest percentage of outstanding shares, with 8.17% or 70.45 million shares worth $3.84 billion as of Sep 29, 2023.
Among Mutual Funds, the top two as of Aug 30, 2023 were Fidelity Blue Chip Growth Fund and Vanguard Total Stock Market Index Fund. With 27.74 million shares estimated at $1.51 billion under it, the former controlled 3.21% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 3.10% of the shares, roughly 26.74 million shares worth around $1.46 billion.