Marvell Technology Group Ltd. (NASDAQ:MRVL) was the recipient of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 6,789,336 shares, a drop of 25.9% from the August 15th total of 9,158,321 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average daily trading volume, of 6,465,361 shares, the short-interest ratio is presently 1.1 days.

Shares of Marvell Technology Group (NASDAQ MRVL) opened at 18.28 on Friday. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 35.44 and a beta of 1.10. The stock’s 50 day moving average price is $16.42 and its 200-day moving average price is $16.19. Marvell Technology Group has a 52 week low of $12.30 and a 52 week high of $18.38.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the 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 net margin of 10.97% and a return on equity of 9.99%. Marvell Technology Group’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 earnings per share. Equities analysts predict that Marvell Technology Group will post $1.12 earnings per share for the current year.

In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 537,235 shares of the stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $17.57, for a total transaction of $9,439,218.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 2,492,343 shares of company stock worth $43,710,548 in the last quarter. Company insiders own 6.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Marvell Technology Group by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 32,190,297 shares of the semiconductor company’s stock valued at $531,785,000 after purchasing an additional 290,339 shares during the last quarter. BlackRock Inc. increased its position in shares of Marvell Technology Group by 4,078.2% during the 1st quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock valued at $370,955,000 after purchasing an additional 23,727,243 shares during the last quarter. State Street Corp increased its position in shares of Marvell Technology Group by 3.6% during the 1st quarter. State Street Corp now owns 9,846,772 shares of the semiconductor company’s stock valued at $150,267,000 after purchasing an additional 341,686 shares during the last quarter. Contour Asset Management LLC increased its position in shares of Marvell Technology Group by 11.5% during the 2nd quarter. Contour Asset Management LLC now owns 9,192,978 shares of the semiconductor company’s stock valued at $151,868,000 after purchasing an additional 944,622 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in shares of Marvell Technology Group by 2.3% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 8,901,332 shares of the semiconductor company’s stock valued at $147,050,000 after purchasing an additional 195,985 shares during the last quarter. Hedge funds and other institutional investors own 76.67% of the company’s stock.

Several research analysts have weighed in on MRVL shares. B. Riley reiterated a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a research report on Wednesday, June 28th. BidaskClub cut Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. TheStreet upgraded Marvell Technology Group from a “c” rating to a “b” rating in a research report on Thursday, May 25th. Oppenheimer Holdings, Inc. upgraded Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $18.50 price objective on the stock in a research report on Friday, May 26th. Finally, Cowen and Company reiterated a “buy” rating on shares of Marvell Technology Group in a research report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Marvell Technology Group currently has an average rating of “Buy” and a consensus price target of $18.93.

TRADEMARK VIOLATION NOTICE: “Short Interest in Marvell Technology Group Ltd. (MRVL) Declines By 25.9%” was originally posted by American Banking News and is the property of of American Banking News. If you are reading this report on another website, it was copied illegally and republished in violation of U.S. & international copyright & trademark legislation. The legal version of this report can be read at https://www.americanbankingnews.com/2017/09/15/short-interest-in-marvell-technology-group-ltd-mrvl-declines-by-25-9.html.

Marvell Technology Group Company Profile

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.

Receive News & Ratings for Marvell Technology Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.