Stocks

Marvell Technology (NASDAQ:MRVL) Stock Price Down 2.3% - Here's What Happened

Published December 30, 2024

On Monday, the stock price of Marvell Technology, Inc. (NASDAQ:MRVL) experienced a decline of 2.3%. The shares were traded as low as $109.78 before closing at $110.96, showing a notable drop from the previous closing price of $113.62. During the mid-day trading session, approximately 1,536,286 shares changed hands, which is significantly lower—by about 88%—compared to the average daily trading volume of 12,586,775 shares.

Analyst Upgrades and Downgrades

Recently, several financial analysts have provided updates on MRVL shares. StockNews.com changed its stance on the company's stock, upgrading it from a "sell" rating to a "hold" rating. Meanwhile, Oppenheimer increased their price target for Marvell Technology from $110.00 to $125.00 while maintaining an "outperform" rating. Piper Sandler also raised their target price on the stock from $100.00 to $120.00, reiterating their "overweight" rating. Loop Capital and Barclays have likewise adjusted their price targets, with Barclays setting theirs at $115.00. Currently, the consensus among analysts shows three with a hold rating and twenty-four issuing a buy rating, with an average rating classified as a "Moderate Buy" and a consensus target price at $119.76.

Marvell Technology Stock Performance

Marvell Technology's market capitalization stands at approximately $97.57 billion. The stock's price-to-earnings ratio is currently recorded at -66.33, with a PEG ratio of 4.03 and a beta factor of 1.46. Over the past periods, the company’s 50-day simple moving average settled at $97.45 while the 200-day simple moving average was at $79.91. The firm's debt-to-equity ratio is 0.30, complemented by a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Dividend Announcement

In recent announcements, Marvell Technology revealed a quarterly dividend amounting to $0.06 per share, which is slated to be paid on January 30th. Shareholders who hold shares by January 10th will receive this dividend. The dividend yield reflects an annualized rate of 0.21%, with the company's current payout ratio standing at -14.12%.

Insider Transactions at Marvell Technology

Looking into insider trading activities, it was noted that EVP Mark Casper sold 2,500 shares on October 1st for an average price of $70.83, totaling $177,075. Following this sale, he retained 22,494 shares valued at around $1,593,250. CFO Willem A. Meintjes also conducted a sale, liquidating 1,500 shares on December 16th at an average price of $122.50, accumulating $183,750 in total. He currently holds 112,711 shares valued at approximately $13,807,097.50. Over the last quarter, insiders have sold a total of 175,000 shares, equating to around $14,444,745, with insider ownership at 0.33%.

Hedge Funds Weigh In On Marvell Technology

Various hedge funds have been active in trading MRVL shares recently. State Street Corp has increased its holdings by 0.3% during the third quarter, now owning nearly 19.94 million shares worth about $1.44 billion. Ameriprise Financial Inc. also boosted its position by 24.1%, owning roughly 11.62 million shares valued at $812 million after acquiring an additional 2.25 million shares. Other institutional investors, including Geode Capital Management and Wellington Management Group LLP, have similarly raised their stakes. Overall, institutional investors together hold a significant 83.51% of the company’s stocks.

Marvell Technology Company Profile

Marvell Technology, Inc. specializes in providing advanced semiconductor solutions for data infrastructure, encompassing everything from the core data center to the edge of the network. The company is recognized for developing complex System-on-a-Chip architectures that effectively integrate analog, mixed-signal, and digital signal processing components.