Marvell Technology Inc’s filing revealed that its Chief Financial Officer Meintjes Willem A unloaded Company’s shares for reported $71500.0 on Apr 01 ’24. In the deal valued at $71.50 per share,1,000 shares were sold. As a result of this transaction, Meintjes Willem A now holds 101,986 shares worth roughly $7.33 million.
Then, Meintjes Willem A sold 1,000 shares, generating $67,790 in total proceeds. Upon selling the shares at $67.79, the Chief Financial Officer now owns 102,986 shares.
Before that, Koopmans Chris sold 5,000 shares. Marvell Technology Inc shares valued at $332,200 were divested by the EVP, Chief Operations Officer at a price of $66.44 per share. As a result of the transaction, Koopmans Chris now holds 114,117 shares, worth roughly $8.21 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 Monday, Marvell Technology Inc [NASDAQ:MRVL] saw its stock fall -1.00% to $71.92. Over the last five days, the stock has lost -1.75%. Marvell Technology Inc shares have risen nearly 19.25% since the year began. Nevertheless, the stocks have risen 79.40% 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 $70.09, while 200 days put it at $60.74. A total of 8.65 million shares were traded, compared to the trading of 11.34 million shares in the previous session.
Levels Of Support And Resistance For MRVL Stock
The 24-hour chart illustrates a support level at 70.98, which if violated will result in even more drops to 70.05. On the upside, there is a resistance level at 73.23. A further resistance level may holdings at 74.55. The Relative Strength Index (RSI) on the 14-day chart is 53.05, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 2.06, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 34.06%. Stochastics %K at 65.13% indicates the stock is a holding.
How much short interest is there in Marvell Technology Inc?
A steep rise in short interest was recorded in Marvell Technology Inc stocks on Mar 15, 2024, dropping by -1.66 million shares to a total of 20.8 million shares. Yahoo Finance data shows the prior-month short interest on Feb 15, 2024 was 22.46 million shares. There was a decline of -7.98%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 2.83% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.24.
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.
