Short Interest in Marvell Technology Group Expands By 31.8% (MRVL)
Shares of Marvell Technology Group (NASDAQ:MRVL) were the target of a significant growth in short interest in July. As of July 31st, there was short interest totalling 7,405,099 shares, a growth of 31.8% from the July 15th total of 5,618,645 shares, AnalystRatings.NET reports. Based on an average trading volume of 6,381,774 shares, the days-to-cover ratio is presently 1.2 days. Currently, 1.9% of the company’s stock are short sold.
A number of research firms have recently commented on MRVL. Analysts at Zacks downgraded shares of Marvell Technology Group from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 23rd. They now have a $17.10 price target on the stock. Separately, analysts at Oppenheimer downgraded shares of Marvell Technology Group from a “market perform” rating to an “underperform” rating in a research note on Wednesday, July 9th. Finally, analysts at Susquehanna downgraded shares of Marvell Technology Group from a “positive” rating to a “neutral” rating in a research note on Friday, June 13th. They now have a $16.00 price target on the stock, down previously from $19.00. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $16.62.
Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 13.12 on Tuesday. Marvell Technology Group has a 1-year low of $10.87 and a 1-year high of $16.65. The stock’s 50-day moving average is $13.93 and its 200-day moving average is $15.06. The company has a market cap of $6.668 billion and a price-to-earnings ratio of 18.17.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings data on Thursday, May 22nd. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. The company had revenue of $957.83 million for the quarter, compared to the consensus estimate of $892.25 million. During the same quarter in the previous year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was up 30.4% on a year-over-year basis. Analysts expect that Marvell Technology Group will post $1.16 EPS 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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