Marvell Technology Group Ltd. (MRVL) : The total money flow in Marvell Technology Group Ltd. (MRVL) was negative ($3.07 million), showing the domination of sellers in the Wednesday trading session. The traders utilized every rise to sell their positions, as seen in the value of trading on downtick to the tune of $29.2 million. Transactions on upticks were comparatively lower at $26.12 million. The uptick to downtick ratio was 0.89. The total block trades done on upticks were valued at $9.74 million. The total block trades on downticks were valued at $12.25 million. The uptick to the downtick ratio of block trades was 0.8. The money flow during block trades was negative ($2.5 million) when the stock traded with a gain of $145 cent. Marvell Technology Group Ltd. (MRVL) was $11.3, an increase of 14.72% over the previous days close.
Also, Brean Capital upgrades their rating on the shares of Marvell Technology Group Ltd. (NASDAQ:MRVL). The current rating of the shares is Buy. Earlier, the shares were rated a Hold by the brokerage firm. Equity Analysts at the Firm announces the price target to $12.5 per share. The rating by the firm was issued on April 14, 2016.
Marvell Technology Group Ltd. (NASDAQ:MRVL): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $10.40 and $10.37 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $11.40. The buying momentum continued till the end and the stock did not give up its gains. It closed at $11.24, notching a gain of 14.06% for the day. The total traded volume was 26,370,666 . The stock had closed at $9.85 on the previous day.
The stock has recorded a 20-day Moving Average of 14.64% and the 50-Day Moving Average is 13.86%. In a related news, The Securities and Exchange Commission has divulged that Wu Zining, officer (Chief Technology Officer) of Marvell Technology Group Ltd, had unloaded 51,312 shares at an average price of $14.51 in a transaction dated on June 23, 2015. The total value of the transaction was worth $744,537.
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics. Its products serve diverse applications used in carrier, metropolitan, enterprise and PC-client data communications, and storage systems. In addition, the Company serves the consumer electronics market for the convergence of voice video and data applications. As a fabless integrated circuit company, the Company relies on independent, third-party contractors to perform manufacturing, assembly and test functions. The Companys offers its products to three markets: mobile and wireless, storage, and networking.