Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Marvell Technology Inc shares valued at $64,490 were sold by Meintjes Willem A on May 01 ’24. At $64.49 per share, Meintjes Willem A sold 1,000 shares. The insider’s holdings dropped to 110,218 shares worth approximately $7.46 million following the completion of this transaction.
Also, Casper Mark sold 2,500 shares, netting a total of over 161,875 in proceeds. Following the sale of shares at $64.75 each, the insider now holds 21,266 shares.
Before that, MURPHY MATTHEW J had sold 30,000 shares from its account. In a trade valued at $2,064,600, the Chair of Board, President, CEO traded Marvell Technology Inc shares for $68.82 each. Upon closing the transaction, the insider’s holdings decreased to 30,000 shares, worth approximately $48.5 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 surge of approximately 1.51%. Over the course of the year, Marvell Technology Inc shares have jumped approximately 12.22%. 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 $69.82, while a 200-day SMA reached $61.42. Nevertheless, trading volume fell to 11.89 million shares from 6.45 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 67.16, which, if violated, would cause prices to drop to 66.63. In the upper region, resistance lies at 68.56. The next price resistance is at 69.44. RSI (Relative Strength Index) is 49.28 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.25, which suggests the price will increase in the coming days. Percent R is at 28.80%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
