Marvell Technology, Inc. (NASDAQ:MRVL) Sees Large Decrease in Short Interest

Marvell Technology, Inc. (NASDAQ:MRVL) saw a significant drop in short interest during the month of January. As of January 31st, there was short interest totalling 15,980,000 shares, a drop of 21.1% from the January 15th total of 20,250,000 shares. Based on an average trading volume of 14,020,000 shares, the days-to-cover ratio is currently 1.1 days.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the sale, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the sale, the executive vice president now directly owns 97,244 shares of the company’s stock, valued at $11,912,390. The trade was a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,255 shares of company stock valued at $3,692,880. 0.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Marvell Technology

Large investors have recently added to or reduced their stakes in the company. True Wealth Design LLC raised its position in Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares in the last quarter. ORG Partners LLC increased its holdings in shares of Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after buying an additional 149 shares during the period. Centricity Wealth Management LLC purchased a new position in shares of Marvell Technology in the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology in the fourth quarter worth about $27,000. Finally, Kieckhefer Group LLC purchased a new position in shares of Marvell Technology in the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Trading Up 2.9 %

NASDAQ MRVL traded up $3.01 during trading hours on Friday, reaching $106.51. 13,532,440 shares of the stock traded hands, compared to its average volume of 13,070,750. The stock has a 50 day simple moving average of $113.94 and a two-hundred day simple moving average of $90.62. Marvell Technology has a 1 year low of $53.19 and a 1 year high of $127.48. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.23%. Marvell Technology’s payout ratio is -14.12%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MRVL. Piper Sandler reissued an “overweight” rating and set a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Benchmark reissued a “buy” rating and set a $135.00 price objective (up from $115.00) on shares of Marvell Technology in a report on Wednesday, December 4th. B. Riley increased their price objective on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Wells Fargo & Company increased their price objective on Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $127.60.

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.