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 $71,500 were sold by Meintjes Willem A on Apr 01 ’24. At $71.50 per share, Meintjes Willem A sold 1,000 shares. The insider’s holdings dropped to 101,986 shares worth approximately $7.3 million following the completion of this transaction.
Also, Meintjes Willem A sold 1,000 shares, netting a total of over 67,790 in proceeds. Following the sale of shares at $67.79 each, the insider now holds 102,986 shares.
Before that, Koopmans Chris had sold 5,000 shares from its account. In a trade valued at $332,200, the EVP, Chief Operations Officer traded Marvell Technology Inc shares for $66.44 each. Upon closing the transaction, the insider’s holdings decreased to 5,000 shares, worth approximately $8.16 million.
As published in a research note from Summit Insights on March 08, 2024, Marvell Technology Inc [MRVL] has been rated up from a Hold to a Buy. Analysts at TD Cowen resumed the stock at ‘”an Outperform”‘ outlook in a report released in early March. As of January 23, 2024, Cantor Fitzgerald has initiated its “an Overweight” rating for MRVL. Earlier on November 14, 2023, ROTH MKM initiated its rating. Their recommendation was “a Buy” for MRVL stock.
Analyzing MRVL Stock Performance
During the last five days, there has been a surge of approximately 0.92%. Over the course of the year, Marvell Technology Inc shares have jumped approximately 18.60%. Shares of the company reached a 52-week high of $85.76 on 03/07/24 and a 52-week low of $55.63 on 01/04/24. A 50-day SMA is recorded $70.28, while a 200-day SMA reached $60.95. Nevertheless, trading volume fell to 24.78 million shares from 9.76 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 68.71, which, if violated, would cause prices to drop to 65.90. In the upper region, resistance lies at 74.19. The next price resistance is at 76.86. RSI (Relative Strength Index) is 51.62 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.98, which suggests the price will decrease in the coming days. Percent R is at 40.17%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Marvell Technology Inc subject to short interest?
Stocks of Marvell Technology Inc saw a sharp steep in short interest on Mar 15, 2024 dropping by -1.66 million shares to 20.8 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 22.46 million shares. A decline of -7.98% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.24 of the overall float, the days-to-cover ratio (short ratio) decline to 1.24.
