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

Marvell Technology, Inc. (NASDAQ:MRVL) saw a significant drop in short interest during the month of 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 volume of 12,920,000 shares, the days-to-cover ratio is currently 1.5 days.

Insider Buying and Selling

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. This trade represents a 5.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was 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 in the company, valued at $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 37,755 shares of company stock worth $4,099,650. 0.33% of the stock is owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds have recently added to or reduced their stakes in the company. Tsfg LLC grew its holdings in Marvell Technology by 7.5% during the 4th quarter. Tsfg LLC now owns 1,593 shares of the semiconductor company’s stock valued at $176,000 after purchasing an additional 111 shares during the last quarter. Citizens Financial Group Inc. RI grew its holdings in Marvell Technology by 1.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock valued at $566,000 after purchasing an additional 116 shares during the last quarter. Crumly & Associates Inc. grew its holdings in Marvell Technology by 1.5% during the 3rd 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 last quarter. United Capital Management of KS Inc. grew its holdings in Marvell Technology by 0.4% during the 3rd 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 during the last quarter. Finally, Sunflower Bank N.A. grew its holdings in Marvell Technology by 4.8% during the 4th quarter. Sunflower Bank N.A. now owns 3,003 shares of the semiconductor company’s stock valued at $332,000 after purchasing an additional 138 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MRVL has been the topic of several recent research reports. B. Riley increased their price target on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Rosenblatt Securities raised their price objective on shares of Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Benchmark restated a “buy” rating and set a $135.00 price objective (up from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and set a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group raised their price objective on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $123.08.

Marvell Technology Price Performance

Shares of Marvell Technology stock traded up $7.18 during trading hours on Friday, reaching $124.76. The company’s stock had a trading volume of 14,849,059 shares, compared to its average volume of 10,915,694. The firm has a 50 day moving average price of $106.70 and a 200-day moving average price of $84.46. Marvell Technology has a one year low of $53.19 and a one year high of $126.15. 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 stock has a market cap of $107.95 billion, a P/E ratio of -73.39, a P/E/G ratio of 3.76 and a beta of 1.41.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be issued a $0.06 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.19%. Marvell Technology’s dividend payout ratio (DPR) is presently -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.