Short Interest in Marvell Technology, Inc. (NASDAQ:MRVL) Declines By 22.2%

Marvell Technology, Inc. (NASDAQ:MRVL) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totalling 19,550,000 shares, a drop of 22.2% from the December 15th total of 25,130,000 shares. Based on an average trading volume of 12,920,000 shares, the short-interest ratio is presently 1.5 days.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Piper Sandler restated an “overweight” rating and set a $120.00 price target (up previously from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. The Goldman Sachs Group raised their target price on Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a report on Friday, January 10th. JPMorgan Chase & Co. upped their price target on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Rosenblatt Securities raised their price objective on Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Oppenheimer upped their target price on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $123.08.

Insider Buying and Selling

In related news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the sale, the executive vice president now owns 103,244 shares of the company’s stock, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,500 shares of company stock worth $2,967,670. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Secure Asset Management LLC bought a new position in shares of Marvell Technology in the fourth quarter valued at approximately $261,000. Avior Wealth Management LLC increased its holdings in Marvell Technology by 129.2% during the 4th quarter. Avior Wealth Management LLC now owns 3,124 shares of the semiconductor company’s stock valued at $345,000 after purchasing an additional 1,761 shares in the last quarter. Burr Financial Services LLC bought a new position in Marvell Technology in the 4th quarter valued at $636,000. Raleigh Capital Management Inc. boosted its stake in Marvell Technology by 512.6% in the fourth quarter. Raleigh Capital Management Inc. now owns 582 shares of the semiconductor company’s stock worth $64,000 after purchasing an additional 487 shares in the last quarter. Finally, Mutual Advisors LLC grew its holdings in shares of Marvell Technology by 3.9% during the fourth quarter. Mutual Advisors LLC now owns 9,895 shares of the semiconductor company’s stock worth $1,163,000 after purchasing an additional 374 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Marvell Technology stock traded up $7.18 during mid-day trading on Friday, hitting $124.76. 14,849,059 shares of the company were exchanged, compared to its average volume of 10,915,694. Marvell Technology has a 1-year low of $53.19 and a 1-year high of $126.15. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The business has a fifty day moving average of $106.09 and a 200 day moving average of $84.09. The company has a market capitalization of $107.95 billion, a PE ratio of -73.39, a price-to-earnings-growth ratio of 3.76 and a beta of 1.41.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.19%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Marvell Technology Company Profile

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.