In today’s recent session, 3.29 million shares of the Marvell Technology Inc (NASDAQ:MRVL) have been traded, and its beta is 1.50. Most recently the company’s share price was $72.57, and it changed around $1.69 or 2.38% from the last close, which brings the market valuation of the company to $62.85B. MRVL at last check was trading at a discount to its 52-week high of $85.76, offering almost -18.18% off that amount. The share price’s 52-week low was $36.90, which indicates that the recent value has risen by an impressive 49.15% since then. We note from Marvell Technology Inc’s average daily trading volume that its 10-day average is 14.64 million shares, with the 3-month average coming to 14.51 million.
Marvell Technology Inc stock received a consensus recommendation rating of Hold, based on a mean score of 1.36. If we narrow it down even further, the data shows that 1 out of 24 analysts rate the stock as a Sell; another 1 rate it as Overweight. Among the rest, 12 recommended MRVL as a Hold, whereas 10 deemed it a Buy, and 0 rated it as Underweight. Marvell Technology Inc is expected to report earnings per share of $0.24 for the current quarter.
Marvell Technology Inc (NASDAQ:MRVL) trade information
Instantly MRVL has been showing a green trend so far today with a performance of 2.38% on intraday trading today. The performance over the last five days has remained in the green territory. The company’s shares are currently up 20.33% year-to-date, but still up 9.06% over the last five days. On the other hand, Marvell Technology Inc (NASDAQ:MRVL) is 1.27% up in the 30-day period. We can see from the shorts that 20.8 million shares have been sold at a short interest cover period of 1.24 day(s).
The consensus price target as assigned by Wall Street analysts is $77.19, which translates to bulls needing to increase their stock price by 5.99% from its current value. Analyst projections state that MRVL is forecast to be at a low of $41 and a high of $115.
Marvell Technology Inc (MRVL) estimates and forecasts
Marvell Technology Inc share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 34.39 percent over the past six months and at a -10.60% annual growth rate that is well below the industry average of 16.90%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -22.60% in revenue this quarter, and will report a decrease of -12.10% in the next quarter. The year-over-year growth rate is expected to be -3.30%, down from the previous year.
Consensus estimates provided by 23 financial analysts predict the company will bring in an average of $1.17 billion in revenue for the current quarter. 23 analysts expect Marvell Technology Inc to make $1.23 billion in revenue for the quarter ending Jul 2024.
Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -29.04%. Marvell Technology Inc earnings are expected to increase by -5.98% in 2024, but the outlook is positive 18.20% per year for the next five years.
MRVL Dividends
Marvell Technology Inc’s next quarterly earnings report is expected to be released around May 23 and May 27. The annual dividend yield of the stock is 0.33 percent and its annual dividend per share was 0.24. It is important to note, however, that the 0.33% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.
Marvell Technology Inc (NASDAQ:MRVL)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 0.50% of Marvell Technology Inc shares, and 88.59% of them are in the hands of institutional investors. The stock currently has a share float of 89.03%. Marvell Technology Inc stock is held by 1,410 institutions, with FMR, LLC being the largest institutional investor. By Dec 30, 2023, it held 14.97% of the shares, which is about 129.67 million shares worth $9.45 billion.
Vanguard Group Inc, with 8.35% or 72.34 million shares worth $5.27 billion as of Dec 30, 2023, holds the second largest percentage of outstanding shares.
Fidelity Blue Chip Growth Fund and Vanguard Total Stock Market Index Fund were the top two Mutual Funds as of Dec 30, 2023. The former held 27.7 million shares worth $2.02 billion, making up 3.20% of all outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held roughly 27.1 million shares worth around $1.98 billion, which represents about 3.13% of the total shares outstanding.
