Marvell Technology, Inc. (NASDAQ:MRVL) Sees Significant Increase in Short Interest

Marvell Technology, Inc. (NASDAQ:MRVL) was the recipient of a significant increase in short interest during the month of February. As of February 15th, there was short interest totalling 19,540,000 shares, an increase of 22.3% from the January 31st total of 15,980,000 shares. Based on an average trading volume of 14,680,000 shares, the short-interest ratio is presently 1.3 days.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the transaction, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $735,000.00. Following the completion of the sale, the executive vice president now directly owns 97,244 shares of the company’s stock, valued at $11,912,390. The trade was a 5.81 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,255 shares of company stock valued at $4,330,980. Insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Castle Rock Wealth Management LLC increased its stake in shares of Marvell Technology by 165.8% in the 4th quarter. Castle Rock Wealth Management LLC now owns 16,283 shares of the semiconductor company’s stock worth $1,734,000 after purchasing an additional 10,157 shares in the last quarter. Total Wealth Planning & Management Inc. purchased a new stake in Marvell Technology in the fourth quarter worth about $824,000. Menard Financial Group LLC purchased a new position in shares of Marvell Technology during the 4th quarter valued at about $669,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Marvell Technology during the 4th quarter valued at approximately $105,450,000. Finally, Chelsea Counsel Co. purchased a new stake in Marvell Technology in the 4th quarter worth approximately $44,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on MRVL shares. Stifel Nicolaus lowered their price objective on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a report on Thursday. Wells Fargo & Company raised their target price on Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Susquehanna upped their price target on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research note on Wednesday, December 4th. Piper Sandler lowered their price objective on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $121.68.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $17.88 during midday trading on Thursday, hitting $72.26. 55,036,013 shares of the stock traded hands, compared to its average volume of 12,770,605. The firm has a market capitalization of $62.53 billion, a P/E ratio of -42.51, a PEG ratio of 1.61 and a beta of 1.40. Marvell Technology has a one year low of $53.19 and a one year high of $127.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The firm has a 50-day moving average of $110.00 and a two-hundred day moving average of $93.82.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s payout ratio is -14.12%.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.