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 daily trading volume, of 12,920,000 shares, the days-to-cover ratio is presently 1.5 days.

Insider Activity

In other Marvell Technology news, Director Michael G. Strachan sold 5,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the completion of the sale, the director now owns 30,959 shares of the company’s stock, valued at $3,797,121.35. This trade represents a 13.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,500 shares of company stock worth $2,967,670. 0.33% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Hedge funds have recently made changes to their positions in the business. Tsfg LLC grew its holdings in Marvell Technology by 7.5% in the 4th quarter. Tsfg LLC now owns 1,593 shares of the semiconductor company’s stock worth $176,000 after buying an additional 111 shares in the last quarter. Citizens Financial Group Inc. RI grew its stake in shares of Marvell Technology by 1.5% in the third quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock worth $566,000 after purchasing an additional 116 shares in the last quarter. Crumly & Associates Inc. increased its holdings in shares of Marvell Technology by 1.5% during the third quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock valued at $593,000 after purchasing an additional 121 shares during the period. United Capital Management of KS Inc. raised its stake in shares of Marvell Technology by 0.4% during the third quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock valued at $2,470,000 after purchasing an additional 131 shares in the last quarter. Finally, Sunflower Bank N.A. lifted its holdings in Marvell Technology by 4.8% in the fourth quarter. Sunflower Bank N.A. now owns 3,003 shares of the semiconductor company’s stock worth $332,000 after purchasing an additional 138 shares during the period. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 0.0 %

Marvell Technology stock opened at $115.20 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology has a one year low of $53.19 and a one year high of $126.15. The company has a 50-day simple moving average of $104.54 and a 200-day simple moving average of $83.31. The firm has a market capitalization of $99.68 billion, a P/E ratio of -67.76, a P/E/G ratio of 4.03 and a beta of 1.41.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.21%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

Analyst Upgrades and Downgrades

MRVL has been the topic of several recent analyst reports. Evercore ISI boosted their price target on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Rosenblatt Securities upped their target price on Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Oppenheimer raised their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $120.00 price target (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average target price of $121.68.

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.