Traders Purchase High Volume of Call Options on Marvell Technology Group (MRVL)
Marvell Technology Group Ltd. (NASDAQ:MRVL) saw unusually large options trading activity on Friday. Stock investors bought 29,054 call options on the company. This is an increase of 1,981% compared to the average volume of 1,396 call options.
Marvell Technology Group (MRVL) opened at $23.84 on Monday. The firm has a market cap of $11,710.21, a P/E ratio of 30.96, a P/E/G ratio of 1.44 and a beta of 1.12. Marvell Technology Group has a twelve month low of $13.83 and a twelve month high of $24.22.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The firm had revenue of $616.00 million during the quarter, compared to analysts’ expectations of $613.49 million. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The business’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.20 earnings per share. research analysts forecast that Marvell Technology Group will post 1.01 earnings per share for the current fiscal year.
A number of equities research analysts have recently issued reports on MRVL shares. B. Riley reissued a “buy” rating and issued a $24.00 price target on shares of Marvell Technology Group in a research note on Wednesday, September 20th. KeyCorp reissued a “buy” rating and issued a $25.00 price target on shares of Marvell Technology Group in a research note on Wednesday, October 4th. Cowen reissued a “buy” rating on shares of Marvell Technology Group in a research note on Friday, October 13th. Jefferies Group set a $19.00 price target on shares of Marvell Technology Group and gave the company a “hold” rating in a research note on Wednesday, October 18th. Finally, Oppenheimer reissued a “buy” rating and issued a $23.00 price target on shares of Marvell Technology Group in a research note on Monday, November 6th. Eight equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $23.92.
In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 474,771 shares of Marvell Technology Group stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $18.48, for a total transaction of $8,773,768.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of Marvell Technology Group stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $21.20, for a total transaction of $208,014.40. The disclosure for this sale can be found here. Insiders have sold 1,813,418 shares of company stock worth $33,627,308 over the last ninety days. 6.80% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Teton Advisors Inc. grew its holdings in shares of Marvell Technology Group by 14.7% in the third quarter. Teton Advisors Inc. now owns 71,700 shares of the semiconductor company’s stock valued at $1,283,000 after purchasing an additional 9,200 shares in the last quarter. Quantitative Investment Management LLC acquired a new position in Marvell Technology Group during the 2nd quarter worth approximately $15,360,000. Achmea Investment Management B.V. acquired a new position in Marvell Technology Group during the 2nd quarter worth approximately $214,000. Nomura Holdings Inc. acquired a new position in Marvell Technology Group during the 2nd quarter worth approximately $539,000. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in Marvell Technology Group by 2.0% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 232,300 shares of the semiconductor company’s stock worth $4,176,000 after acquiring an additional 4,600 shares in the last quarter. Hedge funds and other institutional investors own 78.70% of the company’s stock.
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About Marvell Technology Group
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.
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