Selling Buzz: Marvell Technology Inc. [MRVL] EVP, Storage Products Group Christman Dan sells 14,000 shares of the company

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Marvell Technology Inc. shares valued at $801,920 were sold by Christman Dan on Aug 03. At $57.28 per share, Christman Dan sold 14,000 shares. The insider’s holdings dropped to 92,203 shares worth approximately $5.29 million following the completion of this transaction.

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Also, GAYNOR MITCHELL sold 5,000 shares, netting a total of over 238,350 in proceeds. Following the sale of shares at $47.67 each, the insider now holds 115,563 shares.

Before that, GAYNOR MITCHELL had sold 5,000 shares from its account. In a trade valued at $244,000, the EVP, CALO traded Marvell Technology Inc. shares for $48.80 each. Upon closing the transaction, the insider’s holdings decreased to 5,000 shares, worth approximately $6.91 million.

Analysts at B. Riley Securities downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in mid June. As of April 25, 2022, Raymond James has increased its “Mkt perform” rating to a “an Outperform” for MRVL. Earlier on March 04, 2022, Needham resumed its rating. Their recommendation was “a Buy” for MRVL stock.

Analyzing MRVL’s Price Performance

On Thursday, Marvell Technology Inc. [NASDAQ: MRVL] plunged -1.49% to $57.35. The stock’s lowest price that day was $56.59, but it reached a high of $58.425 in the same session. During the last five days, there has been a surge of approximately 6.66%. Over the course of the year, Marvell Technology Inc. shares have dropped approximately -34.45%. Shares of the company reached a 52-week high of $91.78 on 01/04/22 and a 52-week low of $41.07 on 07/05/22. A 50-day SMA is recorded $51.26, while a 200-day SMA reached $66.04. Nevertheless, trading volume fell to 9.75 million shares from 5.24 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 56.49, which, if violated, would cause prices to drop to 55.62. In the upper region, resistance lies at 58.32. The next price resistance is at 59.29. RSI (Relative Strength Index) is 64.14 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 3.51, which suggests the price will increase in the coming days. Percent R is at 10.78%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is Marvell Technology Inc. subject to short interest?

Stocks of Marvell Technology Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.65 million shares to 16.61 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 15.96 million shares. A jump of 3.91% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.71 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.71.

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 13.25% 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 transaction, The Vanguard Group, Inc.’s stake is now worth $2,739,585,057. BlackRock Fund Advisors acquire a 2.19% interest valued at $1.59 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 $703.9 million.

In terms of Marvell Technology Inc. share price expectations, FactSet research, analysts set an average price target of $79.17 in the next 12 months, up nearly 33.97% from the previous closing price of $58.22. Analysts anticipate Marvell Technology Inc. stock to reach $125.00 by 2022, with the lowest price target being $55.00. In spite of this, 32 analysts ranked Marvell Technology Inc. stock as a Buy at the end of 2022.


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