Marvell Technology Group Ltd. (MRVL) : Traders are bullish on Marvell Technology Group Ltd. (MRVL) as it has outperformed the S&P 500 by a wide margin of 3.36% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 6.61%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 6.58% in the last 1 week, and is up 3.76% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Marvell Technology Group Ltd. is up 22.95% in the last 3-month period. Year-to-Date the stock performance stands at 39.38%. The stock has recorded a 20-day Moving Average of 5.05% and the 50-Day Moving Average is 14.62%.
Marvell Technology Group Ltd. (NASDAQ:MRVL): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $11.72 and $11.68 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $12.23. The buying momentum continued till the end and the stock did not give up its gains. It closed at $12.15, notching a gain of 4.29% for the day. The total traded volume was 8,795,307 . The stock had closed at $11.65 on the previous day.
Also, Equity Analysts at the Brokerage Firm, MKM Partners, maintains their rating on the shares of Marvell Technology Group Ltd. (NASDAQ:MRVL). MKM Partners has a Neutral rating on the shares. As per the latest research report, the brokerage house raises the price target to $14 per share from a prior target of $10. The rating by the firm was issued on July 28, 2016.
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.