Sunday, June 26, 2022

Marvell Technology Inc. [MRVL] EVP, CALO makes an insider sale of 5,000 shares worth 244,000.

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Marvell Technology Inc. shares valued at $244,000 were sold by GAYNOR MITCHELL on Jun 15. At $48.80 per share, GAYNOR MITCHELL sold 5,000 shares. The insider’s holdings dropped to 120,563 shares worth approximately $5.59 million following the completion of this transaction.

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Also, Nguyen Loi sold 1,512 shares, netting a total of over 90,720 in proceeds. Following the sale of shares at $60.00 each, the insider now holds 207,727 shares.

Before that, Nguyen Loi had sold 872 shares from its account. In a trade valued at $52,320, the EVP, Optical & CC Grp traded Marvell Technology Inc. shares for $60.00 each. Upon closing the transaction, the insider’s holdings decreased to 872 shares, worth approximately $9.64 million.

As published in a research note from B. Riley Securities on June 15, 2022, Marvell Technology Inc. [MRVL] has been rated down from a Buy to a Neutral and the price target has been revised to $63 from $75. This represents a 26.37% premium over Wednesday’s closing price. Analysts at Raymond James upgraded the stock from ‘”a Mkt perform”‘ to ‘”an Outperform”‘ outlook in a report released in late April. As of March 04, 2022, Needham has reiterated its “Buy” rating for MRVL. Earlier on March 04, 2022, Summit Insights downgraded its rating. Their new recommendation was “a Hold” for MRVL stock which previously was a “a Buy”.

Analyzing MRVL’s Price Performance

On Wednesday, Marvell Technology Inc. [NASDAQ: MRVL] plunged -1.36% to $46.39. The stock’s lowest price that day was $45.75, but it reached a high of $47.43 in the same session. During the last five days, there has been a drop of approximately -4.39%. Over the course of the year, Marvell Technology Inc. shares have dropped approximately -46.98%. Shares of the company reached a 52-week high of $91.78 on 01/04/22 and a 52-week low of $43.68 on 06/17/22. A 50-day SMA is recorded $56.63, while a 200-day SMA reached $67.99. Nevertheless, trading volume fell to 7.5 million shares from 8.83 million shares the previous day.

Support And Resistance Levels for Marvell Technology Inc. (MRVL)

According to the 24-hour chart, there is a support level at 45.62, which, if violated, would cause prices to drop to 44.84. In the upper region, resistance lies at 47.30. The next price resistance is at 48.20. RSI (Relative Strength Index) is 35.88 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -6.45, which suggests the price will decrease in the coming days. Percent R is at 84.79%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Which companies own the most shares of Marvell Technology Inc. (MRVL)?

According to Fidelity Management & Research Co filings, the company currently owns 112,587,517 shares, which is about 13.28% of the total MRVL shares outstanding. The investor’s shares have plunged by -751,374 from its previous 13-F filing of 113338891.0 shares. With the completion of the buy, The Vanguard Group, Inc.’s stake is now worth $3,722,638,551. BlackRock Fund Advisors acquire a 2.19% interest valued at $2.16 billion while T. Rowe Price Associates, Inc. sold a -1,294,686 stake. A total of -14,352,934 shares of Marvell Technology Inc. were sold by Wellington Management Co. LLP during the quarter, and 174,753 were bought by SSgA Funds Management, Inc. In its current portfolio, Managed Account Advisors LLC holds 16,170,526 shares valued at $956.49 million.

In terms of Marvell Technology Inc. share price expectations, FactSet research, analysts set an average price target of $86.03 in the next 12 months, up nearly 80.74% from the previous closing price of $47.03. Analysts anticipate Marvell Technology Inc. stock to reach $125.00 by 2022, with the lowest price target being $62.00. In spite of this, 32 analysts ranked Marvell Technology Inc. stock as a Buy at the end of 2022. On January 04, 2022, Needham assigned a price target of “a Buy” to the stock and reiterated coverage with a $115.

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