Marvell Technology Group Sees Unusually-High Trading Volume on Better-Than-Expected Earnings (MRVL)
Shares of Marvell Technology Group (NASDAQ:MRVL) saw unusually-high trading volume on Friday after the company announced better than expected quarterly earnings, Analyst Ratings Network reports. Approximately 7,663,189 shares changed hands during mid-day trading, an increase of 22% from the previous session’s volume of 6,298,856 shares.The stock last traded at $13.87 and had previously closed at $13.64.
The company reported $0.34 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.28 by $0.06. The company had revenue of $961.50 million for the quarter, compared to the consensus estimate of $961.56 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The company’s quarterly revenue was up 19.2% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, October 2nd. Shareholders of record on Thursday, September 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.76%.
A number of research firms have recently commented on MRVL. Analysts at Benchmark Co. reiterated a “hold” rating on shares of Marvell Technology Group in a research note on Friday. They now have a $15.00 price target on the stock, down previously from $16.00. Separately, analysts at Jefferies Group reiterated a “hold” rating on shares of Marvell Technology Group in a research note on Friday. They now have a $15.00 price target on the stock, down previously from $17.00. Finally, analysts at Brean Capital cut their price target on shares of Marvell Technology Group from $19.00 to $17.00 in a research note on Friday. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Marvell Technology Group presently has an average rating of “Buy” and a consensus price target of $16.69.
The stock’s 50-day moving average is $13.69 and its 200-day moving average is $14.97. The company has a market cap of $7.044 billion and a P/E ratio of 19.18. Marvell Technology Group also was the target of unusually large options trading on Thursday. Stock investors purchased 3,157 put options on the company. This is an increase of 232% compared to the typical volume of 950 put options.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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