Stock Traders Purchase High Volume of Put Options on Marvell Technology Group (MRVL)
Shares of Marvell Technology Group (NASDAQ:MRVL) was the recipient of some unusual options trading on Monday. Stock traders acquired 30,520 put options on the company, AnalystRatingsNetwork.com reports. This represents an increase of 195% compared to the average daily volume of 10,350 put options.
In other Marvell Technology Group news, VP Pantas Sutardja sold 363,200 shares of Marvell Technology Group stock on the open market in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $12.74, for a total value of $4,627,168.00. The sale was disclosed in a document filed with the SEC, which is available at this link.
A number of analysts have recently weighed in on MRVL shares. Analysts at JPMorgan Chase & Co. upgraded shares of Marvell Technology Group (NASDAQ:MRVL) from a “neutral” rating to an “overweight” rating in a research note to investors on Tuesday, September 10th. They now have a $16.00 price target on the stock, up previously from $14.00. Separately, analysts at Susquehanna raised their price target on shares of Marvell Technology Group (NASDAQ:MRVL) from $14.00 to $15.00 in a research note to investors on Friday, August 23rd. They now have a “positive” rating on the stock. Finally, analysts at FBR Capital Markets raised their price target on shares of Marvell Technology Group (NASDAQ:MRVL) from $13.00 to $14.00 in a research note to investors on Friday, August 23rd. They now have a “market perform” rating on the stock.
Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Marvell Technology Group presently has a consensus rating of “Hold” and an average price target of $12.88.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded down 3.41% on Monday, hitting $12.03. The stock had a trading volume of 19,153,198 shares. Marvell Technology Group has a one year low of $6.98 and a one year high of $13.51. The stock has a 50-day moving average of $12.60 and a 200-day moving average of $11.4. The company has a market cap of $5.922 billion and a price-to-earnings ratio of 27.93.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, August 22nd. The company reported $0.23 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.19 by $0.04. The company had revenue of $807.00 million for the quarter, compared to the consensus estimate of $791.30 million. During the same quarter last year, the company posted $0.24 earnings per share. Marvell Technology Group’s revenue was down 1.1% compared to the same quarter last year. On average, analysts predict that Marvell Technology Group will post $0.90 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Tuesday, September 10th.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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