Marvell Technology, Inc. (NASDAQ:MRVL) Short Interest Update

Marvell Technology, Inc. (NASDAQ:MRVL) saw a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 24,230,000 shares, a growth of 24.0% from the February 13th total of 19,540,000 shares. Currently, 2.8% of the shares of the company are short sold. Based on an average trading volume of 17,370,000 shares, the days-to-cover ratio is currently 1.4 days.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the completion of the sale, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at approximately $11,685,016.40. This trade represents a 6.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently modified their holdings of MRVL. Swedbank AB raised its stake in shares of Marvell Technology by 1.0% during the third quarter. Swedbank AB now owns 2,357,695 shares of the semiconductor company’s stock valued at $170,037,000 after purchasing an additional 23,680 shares in the last quarter. KBC Group NV grew its holdings in Marvell Technology by 7.2% during the third quarter. KBC Group NV now owns 121,865 shares of the semiconductor company’s stock worth $8,788,000 after acquiring an additional 8,155 shares during the period. OneDigital Investment Advisors LLC grew its holdings in Marvell Technology by 89.5% during the third quarter. OneDigital Investment Advisors LLC now owns 44,578 shares of the semiconductor company’s stock worth $3,215,000 after acquiring an additional 21,048 shares during the period. CIBC Asset Management Inc grew its holdings in Marvell Technology by 6.7% during the third quarter. CIBC Asset Management Inc now owns 190,403 shares of the semiconductor company’s stock worth $13,732,000 after acquiring an additional 11,912 shares during the period. Finally, Natixis Advisors LLC grew its holdings in Marvell Technology by 55.4% during the third quarter. Natixis Advisors LLC now owns 1,068,155 shares of the semiconductor company’s stock worth $77,035,000 after acquiring an additional 380,876 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MRVL has been the subject of several research analyst reports. Piper Sandler dropped their price objective on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Raymond James set a $110.00 price target on Marvell Technology in a research report on Thursday, March 6th. JPMorgan Chase & Co. raised their price target on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. B. Riley raised their price target on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $2.12 during midday trading on Tuesday, reaching $68.28. 11,604,922 shares of the company traded hands, compared to its average volume of 12,674,555. Marvell Technology has a 52 week low of $53.19 and a 52 week high of $127.48. The stock has a 50-day moving average price of $101.86 and a 200 day moving average price of $93.89. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company has a market cap of $59.13 billion, a price-to-earnings ratio of -40.16, a PEG ratio of 1.61 and a beta of 1.42.

About Marvell Technology

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.