Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Marvell Technology Inc shares valued at $2,064,600 were sold by MURPHY MATTHEW J on Apr 15 ’24. At $68.82 per share, MURPHY MATTHEW J sold 30,000 shares. The insider’s holdings dropped to 716,545 shares worth approximately $46.75 million following the completion of this transaction.
Also, Koopmans Chris sold 5,000 shares, netting a total of over 356,250 in proceeds. Following the sale of shares at $71.25 each, the insider now holds 109,117 shares.
Before that, Meintjes Willem A had sold 1,000 shares from its account. In a trade valued at $71,500, the Chief Financial Officer traded Marvell Technology Inc shares for $71.50 each. Upon closing the transaction, the insider’s holdings decreased to 1,000 shares, worth approximately $6.65 million.
As published in their initiating research note from Evercore ISI on April 16, 2024, Marvell Technology Inc [MRVL] has been an Outperform and the price target has been revised to $88. Analysts at Summit Insights upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in early March. As of March 08, 2024, TD Cowen has reiterated its “an Outperform” rating for MRVL. Earlier on January 23, 2024, Cantor Fitzgerald initiated its rating. Their recommendation was “an Overweight” for MRVL stock.
Analyzing MRVL Stock Performance
During the last five days, there has been a drop of approximately -8.79%. Over the course of the year, Marvell Technology Inc shares have jumped approximately 8.17%. 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 $70.32, while a 200-day SMA reached $61.14. Nevertheless, trading volume fell to 11.86 million shares from 8.64 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 64.28, which, if violated, would cause prices to drop to 63.32. In the upper region, resistance lies at 66.29. The next price resistance is at 67.34. RSI (Relative Strength Index) is 38.57 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -4.02, which suggests the price will decrease in the coming days. Percent R is at 92.70%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
