Stock Traders Purchase High Volume of Call Options on Marvell Technology Group (MRVL)
Marvell Technology Group Ltd. (NASDAQ:MRVL) was the recipient of some unusual options trading on Thursday. Stock traders bought 10,346 call options on the company. This represents an increase of 451% compared to the typical daily volume of 1,878 call options.
Marvell Technology Group (NASDAQ MRVL) opened at 17.05 on Friday. The company has a 50-day moving average price of $15.92 and a 200 day moving average price of $16.03. The stock has a market cap of $8.54 billion, a price-to-earnings ratio of 33.04 and a beta of 1.10. Marvell Technology Group has a 12-month low of $12.03 and a 12-month high of $18.18.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The firm had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. Marvell Technology Group had a return on equity of 9.94% and a net margin of 10.97%. Marvell Technology Group’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share. On average, equities research analysts predict that Marvell Technology Group will post $1.10 EPS for the current year.
MRVL has been the topic of a number of recent analyst reports. TheStreet upgraded Marvell Technology Group from a “c” rating to a “b” rating in a report on Thursday, May 25th. Jefferies Group LLC reiterated a “hold” rating and issued a $18.50 price objective (down from $19.00) on shares of Marvell Technology Group in a report on Thursday. CIBC upgraded Marvell Technology Group from a “market perform” rating to an “outperform” rating in a report on Friday, May 26th. Citigroup Inc. upgraded Marvell Technology Group to an “outperform” rating and set a $23.00 price objective on the stock in a report on Friday, May 26th. Finally, Cowen and Company reiterated an “outperform” rating and issued a $21.00 price objective on shares of Marvell Technology Group in a report on Monday, August 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $18.71.
Hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Marvell Technology Group by 4,078.2% in the first quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock worth $370,955,000 after buying an additional 23,727,243 shares during the period. Boston Partners bought a new stake in shares of Marvell Technology Group during the second quarter worth $133,179,000. UBS Asset Management Americas Inc. increased its stake in shares of Marvell Technology Group by 71.0% in the first quarter. UBS Asset Management Americas Inc. now owns 8,705,347 shares of the semiconductor company’s stock worth $132,844,000 after buying an additional 3,613,160 shares during the period. TimesSquare Capital Management LLC bought a new stake in shares of Marvell Technology Group during the first quarter worth $42,491,000. Finally, Renaissance Technologies LLC increased its stake in shares of Marvell Technology Group by 239.6% in the second quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock worth $64,199,000 after buying an additional 2,741,914 shares during the period. 75.80% 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 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) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.
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