Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Marvell Technology Inc shares valued at $12,075,000 were sold by Hussain Muhammad Raghib on Oct 15 ’24. At $80.50 per share, Hussain Muhammad Raghib sold 150,000 shares. The insider’s holdings dropped to 694,487 shares worth approximately $55.5 million following the completion of this transaction.
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Also, Meintjes Willem A sold 1,500 shares, netting a total of over 120,750 in proceeds. Following the sale of shares at $80.50 each, the insider now holds 110,253 shares.
Before that, WILLEM MEINTJES had added 1,500 shares to its account. In a trade valued at $120,750, the Officer bought Marvell Technology Inc shares for $80.50 each.
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 surge of approximately 10.16%. Over the course of the year, Marvell Technology Inc shares have jumped approximately 32.50%. Shares of the company reached a 52-week high of $85.76 on 03/07/24 and a 52-week low of $53.19 on 08/05/24. A 50-day SMA is recorded $71.31, while a 200-day SMA reached $69.64. Nevertheless, trading volume fell to 12.91 million shares from 16.36 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 78.47, which, if violated, would cause prices to drop to 77.03. In the upper region, resistance lies at 82.77. The next price resistance is at 85.63. RSI (Relative Strength Index) is 64.38 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 5.69, which suggests the price will increase in the coming days. Percent R is at 30.14%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
