Marvell Tech Group (NASDAQ:MRVL) has reached overbought status with an RSI(14) at 92.90 .
The Relative Strength Index (RSI) is a very common technical indicator used to determine strengthening and weakening momentum in stock price. An RSI above 70 is considered overbought and under 30 is considered oversold. Overbought is a technical condition that occurs when price momentum is considered too high and susceptible to a decline.
Marvell Tech Group has a beta of 1.03 meaning it is more volatile than the overall market which definitionaly has a beta of 1. Stocks with beta’s lower than 1 are considered to be less risky while those with a higher beta may be more risky than the market.
The stock’s Average True Range (ATR) is currently 0.55. The ATR is a short term indicator of volatility. It doesn’t indicate the likely direction of the stock price, just the likelihood that the stock will move.
Recent news headlines for Marvell Tech Group.
Short traders are more bullish on shares of the company recently if you take a look at the downtick in short interest. The firm recorded a fall in short interest between September 29, 2017 and October 13, 2017 of -1.13%. Short interest decreased 87,104 over that period. Days to cover increased from 1.0 to 2.0 and the percentage of shorted shares was 0.02% on October 13.
Recent Analyst Ratings
On November 7 the stock rating was upgraded from “Sell” to “Neutral” by analysts at Citigroup. November 6 investment analysts at Oppenheimer Holdings maintained a stock rating of “Buy” with a current price target of $23.00.
On October 18 analysts at Jefferies Group LLC released a research note on MRVL and giving a rating of “Hold” and price target of $19.00. On October 13, 2017 Cowen and Company reiterated a “Buy” rating on the company.
On October 4 KeyCorp made no change to the company rating of “Buy” projecting a price of $25.00. August 28 investment analysts at BMO Capital Markets kept the company rating at “Market Perform” targeting a price of $16.00.
The P/E ratio is currently 54.37 and market capitalization is 11.80B. As of the latest earnings report the EPS was $0.44 with 495.80M shares presently outstanding.
Marvell Technology Group Ltd., launched on January 11, 1995, is a semiconductor provider of application-specific standard products. The Company is involved in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution. Its product portfolio includes devices for storage, networking and connectivity. In storage, it is involved in data storage controller solutions spanning consumer, mobile, desktop and enterprise markets. Its storage solutions enable customers to engineer products for hard disk drives and solid state drives. Its networking products address end markets in cloud, enterprise, small and medium business and service provider networks. Its connectivity products address end markets in consumer, enterprise, desktop, service provider networks and automotive. Its storage, networking and connectivity products power networks and data centers around the world..