Marvell Technology Inc’s recent filing unveils that its Chief Financial Officer Meintjes Willem A unloaded Company’s shares for reported $67790.0 on Mar 18 ’24. In the deal valued at $67.79 per share,1,000 shares were sold. As a result of this transaction, Meintjes Willem A now holds 102,986 shares worth roughly $6.85 million.
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Then, Koopmans Chris sold 5,000 shares, generating $332,200 in total proceeds. Upon selling the shares at $66.44, the EVP, Chief Operations Officer now owns 114,117 shares.
Before that, MURPHY MATTHEW J sold 30,000 shares. Marvell Technology Inc shares valued at $1,985,100 were divested by the Chair of Board, President, CEO at a price of $66.17 per share. As a result of the transaction, MURPHY MATTHEW J now holds 732,929 shares, worth roughly $48.77 million.
Summit Insights upgraded its Marvell Technology Inc [MRVL] rating to a Buy from a a Hold in a research note published recently. A number of analysts have revised their coverage, including TD Cowen’s analysts, who remained covering the stock and in early March has reiterated a ‘”an Outperform”‘ rating for it. Cantor Fitzgerald began covering MRVL with “an Overweight” recommendation on January 23, 2024. ROTH MKM started covering the stock on November 14, 2023. It rated MRVL as “a Buy”.
Price Performance Review of MRVL
On Friday, Marvell Technology Inc [NASDAQ:MRVL] saw its stock fall -0.08% to $66.54. Over the last five days, the stock has lost -0.49%. Marvell Technology Inc shares have risen nearly 10.33% since the year began. Nevertheless, the stocks have risen 65.69% over the past one year. While a 52-week high of $85.76 was reached on 03/07/24, a 52-week low of $36.90 was recorded on 01/04/24. SMA at 50 days reached $69.53, while 200 days put it at $60.23. A total of 10.23 million shares were traded, compared to the trading of 17.42 million shares in the previous session.
Levels Of Support And Resistance For MRVL Stock
The 24-hour chart illustrates a support level at 65.78, which if violated will result in even more drops to 65.02. On the upside, there is a resistance level at 67.28. A further resistance level may holdings at 68.02. The Relative Strength Index (RSI) on the 14-day chart is 44.07, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -4.94, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 86.19%. Stochastics %K at 12.39% indicates the stock is a buying.
How much short interest is there in Marvell Technology Inc?
A steep rise in short interest was recorded in Marvell Technology Inc stocks on Feb 29, 2024, dropping by -2.76 million shares to a total of 20.96 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 23.72 million shares. There was a decline of -13.17%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 2.86% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.79.
The most recent change occurred on August 23, 2023 when Susquehanna resumed its ‘”a Positive”‘ rating for the stock and retained the price target to $70.
