Marvell Technology Group Downgraded by Standpoint Research to “Hold” (MRVL)
Marvell Technology Group (NASDAQ:MRVL) was downgraded by research analysts at Standpoint Research from a “buy” rating to a “hold” rating in a report released on Wednesday, AnalystRatingsNetwork.com reports.
Several other analysts have also recently commented on the stock. Analysts at Mizuho raised their price target on shares of Marvell Technology Group from $16.00 to $18.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Barclays raised their price target on shares of Marvell Technology Group from $12.00 to $13.00 in a research note on Wednesday. Finally, analysts at Zacks downgraded shares of Marvell Technology Group from an “outperform” rating to a “neutral” rating in a research note on Thursday, January 23rd. They now have a $17.10 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Marvell Technology Group has a consensus rating of “Buy” and a consensus price target of $14.36.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded up 0.37% during mid-day trading on Wednesday, hitting $15.7875. 2,884,196 shares of the company’s stock traded hands. Marvell Technology Group has a 52-week low of $9.16 and a 52-week high of $15.83. The stock’s 50-day moving average is $14.91 and its 200-day moving average is $13.25. The company has a market cap of $7.766 billion and a price-to-earnings ratio of 30.60. Marvell Technology Group also was the recipient of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 7,439,712 shares, a decrease of 24.9% from the January 15th total of 9,900,066 shares. Based on an average daily volume of 5,822,396 shares, the short-interest ratio is currently 1.3 days. Currently, 2.1% of the company’s shares are short sold.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings data on Thursday, November 21st. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.07. The company had revenue of $931.00 million for the quarter, compared to the consensus estimate of $872.80 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was up 15.4% on a year-over-year basis. On average, analysts predict that Marvell Technology Group will post $0.99 earnings per share for the current fiscal year.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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