Marvell Technology Group Ltd. (MRVL) Short Interest Update
Marvell Technology Group Ltd. (NASDAQ:MRVL) saw a significant decline in short interest in November. As of November 15th, there was short interest totalling 6,942,454 shares, a decline of 17.0% from the October 31st total of 8,363,315 shares. Based on an average daily volume of 4,585,785 shares, the short-interest ratio is presently 1.5 days. Currently, 1.6% of the company’s stock are short sold.
A number of brokerages have recently commented on MRVL. Vetr upgraded Marvell Technology Group from a “buy” rating to a “strong-buy” rating and set a $16.75 price target on the stock in a report on Tuesday, November 22nd. Benchmark Co. set a $13.00 target price on Marvell Technology Group and gave the company a “hold” rating in a research report on Saturday, November 19th. Citigroup Inc. downgraded Marvell Technology Group to a “sell” rating in a research report on Saturday, November 19th. B. Riley reaffirmed a “buy” rating and issued a $19.00 target price on shares of Marvell Technology Group in a research report on Sunday, November 20th. Finally, Bank of America Corp. reaffirmed a “sell” rating and issued a $11.75 target price on shares of Marvell Technology Group in a research report on Friday, November 18th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $14.00.
Marvell Technology Group (NASDAQ:MRVL) opened at 14.66 on Monday. The stock’s 50 day moving average is $13.24 and its 200 day moving average is $11.67. The firm has a market capitalization of $7.49 billion, a P/E ratio of 71.17 and a beta of 1.12. Marvell Technology Group has a one year low of $7.40 and a one year high of $14.99.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, November 17th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. Marvell Technology Group had a net margin of 4.33% and a return on equity of 3.28%. The business earned $654 million during the quarter, compared to analyst estimates of $615.66 million. During the same period in the previous year, the business earned $0.05 EPS. Marvell Technology Group’s revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts predict that Marvell Technology Group will post $0.45 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 28th. Shareholders of record on Tuesday, December 6th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.64%. The ex-dividend date is Friday, December 2nd. Marvell Technology Group’s payout ratio is 114.29%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC purchased a new position in shares of Marvell Technology Group during the first quarter valued at approximately $12,977,000. Nuveen Asset Management LLC increased its stake in Marvell Technology Group by 63.3% in the first quarter. Nuveen Asset Management LLC now owns 171,169 shares of the company’s stock worth $1,765,000 after buying an additional 66,379 shares in the last quarter. Legal & General Group Plc increased its stake in Marvell Technology Group by 3.8% in the first quarter. Legal & General Group Plc now owns 1,855,185 shares of the company’s stock worth $19,127,000 after buying an additional 68,468 shares in the last quarter. BlueMountain Capital Management LLC increased its stake in Marvell Technology Group by 112.6% in the first quarter. BlueMountain Capital Management LLC now owns 56,549 shares of the company’s stock worth $583,000 after buying an additional 29,954 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in Marvell Technology Group by 1.5% in the second quarter. BNP Paribas Arbitrage SA now owns 592,269 shares of the company’s stock worth $5,644,000 after buying an additional 8,859 shares in the last quarter. 68.13% of the stock is owned by hedge funds and other institutional investors.
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About Marvell Technology Group
Marvell Technology Group Ltd. is a fabless semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) and System-in-a-Package (SiP) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), wireless connectivity, Internet-of-Things (IoT) devices and multimedia solutions.
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