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Marvell Technology Inc [NASDAQ: MRVL] Sees Increase in Stock Value

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Marvell Technology Inc shares valued at $367,100 were sold by Koopmans Chris on Jun 17 ’24. At $73.42 per share, Koopmans Chris sold 5,000 shares. The insider’s holdings dropped to 115,318 shares worth approximately $8.45 million following the completion of this transaction.

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Also, MURPHY MATTHEW J sold 30,000 shares, netting a total of over 2,075,400 in proceeds. Following the sale of shares at $69.18 each, the insider now holds 686,545 shares.

Before that, Koopmans Chris had sold 5,000 shares from its account. In a trade valued at $342,850, the EVP, Chief Operations Officer traded Marvell Technology Inc shares for $68.57 each. Upon closing the transaction, the insider’s holdings decreased to 5,000 shares, worth approximately $8.77 million.

As published in their initiating research note from Jefferies on May 13, 2024, Marvell Technology Inc [MRVL] has been a Buy and the price target has been revised to $85. Analysts at Evercore ISI started covering the stock with ‘”an Outperform”‘ outlook in a report released in mid April. As of March 08, 2024, Summit Insights has increased its “Hold” rating to a “Buy” for MRVL. Earlier on March 08, 2024, TD Cowen resumed its rating. Their recommendation was “an Outperform” for MRVL stock.

Analyzing MRVL Stock Performance

During the last five days, there has been a drop of approximately -0.16%. Over the course of the year, Marvell Technology Inc shares have jumped approximately 21.44%. 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 $69.83, while a 200-day SMA reached $63.08. Nevertheless, trading volume fell to 14.18 million shares from 9.86 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 72.32, which, if violated, would cause prices to drop to 71.40. In the upper region, resistance lies at 74.73. The next price resistance is at 76.22. RSI (Relative Strength Index) is 54.78 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.24, which suggests the price will increase in the coming days. Percent R is at 31.15%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

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